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Research released by Lloyds TSB reveals that while the total amount spent on home maintenance - whether they do this themselves or hire tradesman - has risen by about £2.5 billion to £16.6 billion between 1998 and 2008, while less is being splashed on getting the professionals in as such spending has fallen 11 per cent during this length of time to £5.7 billion.
On the other hand, Britons appear increasingly willing to spend money on doing DIY themselves as money spent on DIY projects has risen 42 per cent to £10.9 billion.
Nitesh Patel, economist for Lloyds TSB, states: "Total spending on home maintenance has increased substantially over the past decade, though homeowners are increasingly looking to undertake the work themselves instead of contracting to tradesmen."
In particular it appears those living in the south-west are ready to splash the cash on DIY, with the total amount spent on home improvements in this pat of the country standing at £695 in 2006 and 2007, compared to the national average of £521.
Meanwhile, recent research from Sainsbury's Bank revealed that a total of £4 billion in personal loans were taken out for the purposes of paying - either partially or in whole - for home improvements in 2008.
N.B. The information contained in this story is provided by the supplier and does not necessarily reflect the views and opinions of lets-do-diy.com.
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