Britons spark DIY boom as property market slumps
UK consumers are rushing to buy home improvement items in an attempt to beat the property slump, according to new research released today.
The surge of interest comes as people try to retain or boost the value of their houses and flats through DIY.
Data from price comparison site, Idealo.co.uk, reveals that consumer interest in some home improvement goods is now up by almost 3,000 per cent on last February. Greenhouse searches are up 2,787 per cent, and tool boxes 2,750 per cent. This week, there was also a 236 per cent leap in enquiries for pressure washer products in comparison to a week earlier.
Idealo.co.uk attributes the surge in interest for DIY and garden products to falling house prices. With the average UK home now worth at least £10,000 less than it was in February 2008*, homeowners appear to be striving to maintain the value of their properties through home improvement.
The top eight most popular home improvement product categories on Idealo.co.uk are as follows:
Greenhouses – up 2,787 per cent on February 2010
Tool boxes – up 2,750 per cent
Ladders – up 480 per cent
Lamps and lighting – up 462 per cent
Sinks – up 219 per cent
Fireplaces and wood stoves – up 116 per cent
Power drills – up 96 per cent
Painting and decorating – up 81 per cent
Pressure washers have also seen big increases as consumers look to tidy up outside after wintry weather conditions late last year. Petrol pressure washers have seen a weekly increase of 439 per cent, while electric pressure washers are also doing well with the Karcher K3 and K5 proving particularly popular.
“Home improvement products always start to pick up when spring sets in but the scale of the annual increases we’re seeing now point to a different story this time,” said David McLoughlin, manager at Idealo.co.uk. “The property market is at best sluggish and it seems people are making a conscious decision to improve what they’ve got so that they can cash in when the slump ends. This mood is certainly reflected in the trends that we’re seeing on the site.”
* According to the FT House Price Index for February 2008 and January 2011