We're going DIY crazy
Bring back Changing Rooms!! As the housing market is back on the up, so too are sales of DIY products. Yes, after almost a decade in the doldrums, people are dashing once again to B&Q and Homebase to stock up on stone cladding. According to a survey by Barclaycard, spending in DIY stores reached a two year high in February – up by 11%.
The logic behind this upsurge in Dulux Matchpot purchases and sales of gazebos is simple – people are sprucing up their homes to put them on the market. After all, you won’t make a profit if your house looks like the inside of Albert Steptoe’s lung, will you?
But let’s get a highly paid analyst to tell us that, instead. ‘Housing market activity is being supported by substantially improved consumer confidence, markedly rising employment and extended low mortgage interest rates, and is still being fuelled by the Help to Buy initiative,’ said Howard Archer from IHS Global Insight.
However, although we’re flinging ourselves at B&Q, Barclaycard found that sales of furniture dropped by 3.8% last month. And apart from the DIY sector, sales in February were still fairly muted across the board. It seems like confidence won’t fully recover until wages go up.
But in the meantime, we’re biding our time, grouting that ensuite and waiting to make the sale of the century...