Is a DIY boom on the way due to the property market freeze?

April 29, 2020

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.

2008-09 Recession recovery vs DIY
Year
Property Transactions
Change
DIY (Turnover from retail sale of decorating and DIY supplies) £million
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%

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Breaking News

A third of UK homes for sale are ‘chain-free’ reports Zoopla

Recent tax changes and incoming council tax premiums for second homes have unsettled property investors and second homeowners with some now looking to sell One week on from the Autumn budget, buyer enquiries for homes that are chain-free are 33 per cent higher compared to those not advertised as chain-free 41 per cent of two…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 06/11/24

The average 5-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago The average 2-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago The average monthly mortgage payment on a…
Read More →
Overseas Property

Top reasons to consider buying a luxury villa in Phuket Thailand

Those who have worked hard for many years are often looking for ways to invest their cash so that they can enjoy life to the max in their advancing years. Some might decide to dabble in the stock market or insurance policies to enhance their savings, while others might look to purchase something more physical…
Read More →
How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More →
Estate Agent Talk

The Importance of Time Management for Real Estate Investors

Time is one of the most valuable assets for real estate investors, especially when juggling multiple projects, clients, and market trends. Without a strong grip on time management, getting bogged down in tasks that don’t drive growth is easy. You see, every minute spent on admin tasks or low-value activities is a minute that could…
Read More →
Estate Agent Talk

Transforming Your Condo into a Next-Gen Smart Home Experience

Gone are the days when we must get up to press a button on the TV to adjust the volume, use actual keys to unlock doorknobs, or turn a knob to control the air conditioning unit's thermostat. These days, all we have to do is sit pretty on our couches, let technology do its work,…
Read More →