New research has shown that we’re set to spend more on DIY projects than Christmas presents this December. You may think that this is far from the best time of year to get cracking on a home improvement scheme, but it seems many homeowners don’t want to wait until January to make a few changes.
DIY Week shared research from AA Financial Services, which found that although we’re expected to splash out £4.5 billion on shopping by the end of the first Saturday in December, we’re predicted to spend £29.6 billion on home improvements by the end of this year.
And for many households, that money is going to come from our savings rather than loans or other credit.
On average, we’ll be taking £2,339.46 from our savings accounts to fund projects ranging from redecorating to fitting a new kitchen.
Green projects, which could include fitting new timber windows in Berkshire to replace old glazing that’s not efficient, are set to be carried out by four per cent of homeowners with an average spend of £1,094.
Decorating is the most popular thing to do at this time of the year though, with 41 per cent of homeowners planning to spruce up their interiors at an average cost of £949.
Other popular projects include installing a new kitchen (12 per cent) and fitting a new bathroom (11 per cent), as well as carrying out landscaping work in the garden (18 per cent).
It’s little wonder that we’re spending money improving our properties given that research published recently by Barclays revealed that the average Brit lives in a property for 19 years before moving on.