Homeowners rush to buy DIY goods before VAT rise

Homeowners who have just bought houses for sale in the UK have been rushing to buy DIY goods before the VAT rises.

Builders' merchant Travis Perkins has reported that in the eight weeks leading up to the end of November 2010, more people headed to DIY stores to grab their goods in order to save money before the VAT increases from 17.5 per cent to 20 per cent on January 4th 2011.

It revealed that the turnover per day for Wickes was 4.2 per cent during this two-month period, while the average rate for the 47-weeks before December was 0.6 per cent.

The firm said this shows "some evidence of buying ahead of VAT increases".

People purchasing properties for sale in Britain have also been found to be more enthusiastic about DIY now than they were five years ago, according to a report by Spaceslide.

It revealed that 58 per cent of homeowners would have a go at decorating their new house, while 87 per cent would put blinds up and 67 per cent said they would install a fitted wardrobe.