Nationwide Building Society figures suggests DIY and home improvements are firmly on our ‘to do’ list with the society recording a staggering 69 per cent increase in home improvement loans from the second half of 2007 to 2012.
The average size for these loans increased by 21 per cent from £7,932 to £9,570 for the same period.
So what are the DIY jobs on the Easter hit list for those in the South East? According to Nationwide’s research there is a real mix of minor DIY jobs and bigger renovations for example:
Over a third are planning painting and decorating, 42 per cent will be taking to the garden to landscape, put up fencing, lay lawn or patios, seven per cent plan on laying laminate, wooden or vinyl flooring and 13 per cent plan on putting up a shed/outhouse. Another seven per cent plan on adding insulation to their homes
However, some will be tackling bigger renovation or home improvement projects:
17 per cent are planning to fit a new bathroom or to replace part of it, six per cent are fitting or replacing all or parts of their kitchen, nine per cent will be looking at their plumbing and three per cent will be fitting new windows
The majority of people will fund their projects by using savings (36 per cent), while just under a third (29 per cent) will use their wages to cover the costs, 10 per cent will use a credit card and six per cent a personal loan.
The Nationwide’s Graham Pilkington said: “Easter has traditionally been a favourite time for DIYing, and this year is no different with over half of us planning to break out the paint brushes and filler.
“But what’s most interesting is the growth in people taking out loans to fund bigger projects, such as new bathrooms and kitchens.
“The number of people moving house over the last few years has declined, so the increase in the number and size of personal loans suggests that homeowners are spending more to maintain and upgrade their current property rather than moving on.”