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Cost of living crisis affecting glazing industry.
Property maintenance solution provider, ‘Help me fix’, surveyed 3,700 homeowners to discover the real 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 also 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.
The survey 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.