DIY - what we plan to spend our money on

Brits are splashing out on a record DIY spending spree by giving their homes a spring facelift.

The average homeowner intends to spend a record £1,501.85 improving their property this quarter, according to Alliance & Leicester Mortgages movingimproving index. This is five per cent more than last quarter (£1,426) and 21 per cent more than this time last year (£1,240).

But many are likely to stop short of the bigger projects such as kitchens or bathrooms, instead opting for a ‘quick fix’ in the form of a lick of paint or crisp new curtains and carpets – possibly in time for spring which is the traditional homebuying season. Just under a third (30%) will renew carpets, curtains or furniture while nearly one in five (18%) will give their homes a new coat of paint.

“What is interesting with our latest findings is that while people are preparing to invest money on their homes, it seems they are acting shrewdly by opting to spend more on cosmetic or outward appearances rather than undertaking costly improvements, such as new kitchens or bathrooms," said Stephen Leonard, Director of Mortgages at Alliance & Leicester.

“And some are likely to see the results of their home improvements as an attraction for potential buyers as we enter the traditional homebuying season.”

Key findings:

• Over half (51%) of people in the UK are planning to spend some money on DIY
• Just under a third (30%) of people will decorate their homes with new carpets, curtains or furniture
• Nearly one in five (18%) plan to spruce up their homes with a quick lick of paint
• Men plan to spend 17 per cent more on home improvements than women (£1,619 compared with £1,382). Those in their 30s plan to spend the most of any group at £1,907.
• People in the East Midlands plan to spend the most on DIY this quarter with an average of £1,790 per person, 19 per cent above the national average (£1,501). Their preferred choice of home improvement is new carpets, curtains or furniture.