Over the last few years, the surging increases in the cost of living have almost certainly left many of us looking for ways to cut back on our spending. 

While inflation has fallen from the record highs of 2022, it still sits above the Bank of England’s 2% target, and when looked at over a four-year period, the rate of change is actually a staggering 25%.

Amongst these rising costs, soaring energy prices have been one of the biggest concerns for millions across the UK, with average bill prices still 43% above their winter 2021/22 levels. In fact, UK electricity prices were higher than in all but three EU states (Germany, Denmark and Ireland) in the second half of 2024. 

Despite the energy price cap falling by 7% at the beginning of July, Money Saving Expert is predicting that the cap will again ‘rise quite considerably’ based on the opinions of expert analysts.

Delays to home maintenance 

One way in which homeowners have looked to save money is by cutting back on, or delaying, home maintenance jobs. 

According to research carried out by Go Compare, 43% of people surveyed have put off some form of home maintenance due to the cost of living crisis, equating to around 12.3 million households.

While Go Compare found that the majority of jobs being delayed were cosmetic tasks, worryingly, 23% of people said they had been forced to postpone making home repairs, which could mean that approximately 6.4 million households are at risk of living in unsafe conditions. 

This includes putting off tasks that could have potentially dangerous and even fatal consequences, including 3% of people delaying repairing faulty wiring, and 5% delaying having a faulty boiler repaired. 

These statistics echo findings shared by Cadent, the UK’s largest gas distribution network, last September, which highlighted how 30% of people were only getting their boilers serviced every two years or more, rather than the advised annual service.  

Are more people turning to DIY?

Unsurprisingly, then, more people are turning to DIY upgrades as they choose entertaining at home as opposed to going out. 

In new research shared by MoneySuperMarket (via Yahoo News), more than half of respondents said they had made home improvements, with 75% saying they now opted to entertain at home. 

With this in mind, it’s likely we’ll see more and more people showing an interest in completing entry-level trade courses, equipping homeowners with the skills needed to carry out common domestic tasks like basic plumbing, painting and decorating, tiling and carpentry.