There was a fall of 17% in real terms (i.e. after allowing for inflation) from the total of £9.4 billion spent in 2010.
Suren Thiru, Lloyds TSB Housing Economist, commented:
“Consumers have been experiencing the biggest squeeze on their discretionary income for over a year. Couple that with a very subdued housing market, and it is unsurprising that so many are cutting back on home improvements. With economic conditions expected to remain challenging, the current squeeze on spending on both DIY and tradesmen is likely to continue for some time yet."
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