Revealed – the cost of living crisis halts home improvement work – Property Investor Today

Property maintenance solution provider, Help me Fix, surveyed 3,700 homeowners to discover the true impact the cost-of-living crisis is having on homeowners.

The survey shows that more than half of homeowners (52%) have halted their plans and stated they will continue home improvement work but spend less by doing their own DIY tasks. 

The latest data shows the UK hardware and home improvement market size is estimated to be worth £14.5 billion, having increased by 10.5% between 2019 and 20202. 

With the average person spending £783 on DIY each year, the market is expected to grow a further 2% by 2025, hitting a total value of just under £14.8 billion. 

Home improvements and DIY projects take a back seat

The Help me Fix survey has revealed that the current cost of living crisis has resulted in home improvements and DIY projects taking a back seat due to the increased financial pressure households are facing.

The survey shows that 32% of participants have a current home improvement or maintenance task that requires the help of a skilled trades professional. 

However, 52% do not have the money to complete this, and 48% state they had the money but were reluctant to spend it due to the current crisis. 

Help me Fix also found that 77% of homeowners also have a DIY improvement or maintenance task that they currently need to do. 

In total, 49% stated that they would be spending less than 783 per year to help maintain their household finances. 

Ettan Bazil, chief executive officer and founder of Help me Fix said: “It’s an incredibly difficult time for UK households and so it’s understandable that many of us simply don’t have the disposable income to splash on home improvements or maintenance tasks. 

Of course, some jobs are more pressing than others, particularly with winter approaching, which leaves those in need between a rock and a hard place. However, when it comes to your own safety and the safety of those in your household, you should always instruct a trained professional if the job at hand is focussed around gas or electricity.

In addition, those DIY jobs that can be tackled by homeowners still require the purchase of materials and tools, a cost which can soon add up. As it stands, the UK’s households spend around £22 billion on DIY each and every year which is quite some figure and so it’s likely that we will see the vast majority sit tight until the wider cost of living is under control.

This will undoubtedly have an impact on the wider home improvement sector and its forecast growth.”

,https://www.propertyinvestortoday.co.uk/breaking-news/2022/9/revealed–the-cost-of-living-crisis-halts-home-improvement-work?source=newsticker
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