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More people are choosing to make the most of the house they have right now rather than move as DIY figures go through the roof.

According to Lloyds TSB, more UK householders are looking to undertake home maintenance themselves instead of paying for tradesman's services. Over the past decade total DIY spending by householders has increased by 42% in real terms, from £7.7bn in 1998 to £10.9bn in 2008. By contrast, spending on tradesmen fell by 11% to £5.7bn between the same period.

Total spending by UK householders on home maintenance and trademen reached £16.6bn in 2008, an increase of almost £2.5 billion, or 18% between 1998 and 2008. Average spending on home maintenance per household increased from £565 to £620 during this period.

Nitesh Patel, Economist at Lloyds TSB, says: "Total spending on home maintenance has increased substantially over the past decade, though home owners are increasingly looking to undertake the work themselves instead of contracting to tradesmen. DIY spending fell in 2008 in line with the current difficult economic conditions. Such spending can be delayed during difficult times; however this can only be postponed for a limited time."

You may want to make the most of your home during this downturn: the recession has made goods and supplies for renovation and decoration as cheap as ever. But it's still a costly and time-consuming task. The best way to be sure you can afford anything you do in your home is to make sure you have a good, strong financial plan that will help you clear your debts, increase the worth of your home and meet your mortgage payments each month.

SOURCE: Lloyds TSB, 0/04/09

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