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MIDLANDS FINANCE NEWS

Wednesday May 16 2018

Half of UK homeowners don't set aside money for essential DIY and repairs


Nations homeowners spend on average almost £500 every year on DIY and home repairs, but more than half admit they dont have a rainy day fund set aside to tackle lifes little problems.



Half of UK homeowners don't set aside money for essential DIY and repairs

More than half of UK homeowners don’t set aside any money to cover the costs of unexpected home repairs or DIY – despite almost one in ten admitting they’re spending more than £2,000 a year on tackling essential household jobs, according to research by leading home assistance provider HomeServe.

With household budgets stretched, many homeowners (23%) are having to dip into other savings, take out credit cards, loans or payday loans or borrow from family and friends to fund often basic repairs to their boilers, leaking taps, dripping shower heads or dealing with pest problems.

And it seems that is putting a strain on domestic bliss with almost a third (30%) saying that DIY and home repairs lead to stress and arguments in their homes.

The study of more than 2,000 UK homes revealed that, on average, UK homes spend £469 every year on essential repairs to their much-loved homes.

For around 7%, that figure reached more than £2,000, although many more (some 30%) are sprucing up on a shoestring by spending less than £100 a year.

When asked to list the home repairs that caused most worry and angst in their homes respondents’ top three were boiler and gas-related repairs (45%), plumbing and drainage problems (34%) and damaged water pipes (24%).

And when it comes to taking on the task of tackling common DIY and home repairs, both men and women are equally happy to roll up their sleeves, with men spending 24 hours and women spending 20 hours on average on home repairs and improvements every year.

“As DIY season begins in earnest this Spring, we know that many homeowners will take on the challenges of DIY fixes and repairs themselves this year,” said Bryn Hamer, HomeServe Membership’s Customer Director.

“For many, this might be because they don’t have money set aside specifically to manage life’s little problems when they strike. For others, it’s about relishing the challenge to get stuck into those jobs and repairs they’ve put off over the colder, Winter months.”

To help homeowners tackle a series of simple jobs around the home, HomeServe is currently developing a series of simple “How-To” videos, which will launch in the next few weeks.

“As a nation we’re prepared to roll our sleeves up and give many DIY problems or simple home repairs a go ourselves, and we hope the suite of new self-help How-To videos we’re producing with support many with that,” added Bryn. “But when things get a bit sticky then homeowners know we’re always here to help!”



"As DIY season begins in earnest this Spring, we know that many homeowners will take on the challenges of DIY fixes and repairs themselves this year"
Bryn Hamer, HomeServe's Customer Director








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