Is a DIY boom on the way due to the property market freeze?
Research by tradesperson comparison site, HaMuch.com, suggests that Britain could be in for a DIY boom should the market freeze brought on due to the Coronavirus persist.
While many turn to DIY to improve a new home, many also look to renovate and improve their existing home to cut out the costs of moving. With transactions predicted to tumble amid the current lockdown, this could result in a boom for the DIY sector.
HaMuch.com looked at the last time the market saw a drastic decline during the 2008 recession and how this compared to data on the DIY sector.
Between 2008 and 2011 before the market recovered, total property transactions fell by an average of -1.1% per year, with a -3.7% drop between the total transactions seen in 2008 and 2011.
During the same time period, turnover from retail sales of decorating and DIY supplies climbed year on year at a rate of 6.9%.
In addition, the turnover of retail sales for hardware, paints and glass in specialised stores also increased by 3.3% each year on average.
However, when the market recovered in 2012, property transactions climbed 5.5% in one year, while DIY retail sales fell a huge -25.9% and retail of hardware, paints and glass also fell -4.3% in a single year.
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2008-09 Recession recovery vs DIY
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Year
|
Property Transactions
|
Change
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DIY (Turnover from retail sale of decorating and DIY supplies) £million
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Change
|
Retail sale of hardware, paints and glass in specialised stores – Total turnover £million
|
Change
|
|
|
Recession
|
2008
|
916,920
|
–
|
6176
|
–
|
8,875
|
–
|
|
2009
|
847,540
|
-7.6%
|
6820
|
10.4%
|
9,487
|
6.9%
|
|
|
2010
|
883,620
|
4.3%
|
7319
|
7.3%
|
9,934
|
4.7%
|
|
|
2011
|
882,770
|
-0.1%
|
7528
|
2.9%
|
9,779
|
-1.6%
|
|
|
Average Annual Change
|
-1.1%
|
6.9%
|
3.3%
|
||||
|
Recovery
|
2012
|
931,310
|
5.5%
|
5580
|
-25.9%
|
9,354
|
-4.3%
|
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