Lloyds TSB publishes home maintenance statistics

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Lloyds TSB publishes home maintenance statistics

Despite flagging expenditure as a result of the onset of the credit crunch last year, money spent by homeowners on household maintenance has risen significantly over the past decade.

According to new figures published by Lloyds TSB, householders have spent an increase of 42 per cent on DIY over the last ten years between 1998 and 2008, rising from £7.7 billion to £10.9 billion.

While spending on DIY rose, however, tradesmen recorded a decline in business by 11 per cent, taking in on average £5.7 billion in 2008, compared with £6.4 billion in 1998.

Commenting on last year's DIY spending, which was lower than 2007, Lloyds TSB economist Nitesh Patel explained: "Such spending can be delayed during difficult times, however this can only be postponed for a limited time."

With Easter just around the corner and many householders planning a spot of DIY, home insurance provider esure has warned people to take extra when it comes to the likes of paint spillages and shoddy workmanship.

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