Spending on DIY home improvements has recently dropped to a 12 year low in the UK, based on a new report from Lloyds TSB. UK expenditures on KIY have fallen to 9.5 billion pounds in 2010, with the average British household spending 352 pounds.

Spending on DIY hit its highs in 2004 at 14.66 billion pounds, and has declined each year since that time. Spending on materials dropped by 15%, while spending on tools and equipment dropped by 9% overall. Still, the report revealed that UK homeowners preferred DIY home improvements to hiring contractors whenever possible. The current decline in DIY spending is closely linked to the squeeze on household finances in the wake of the global financial crisis. It's still likely that over the long term spending will rise back to 2004 levels and beyond.