Britons have had a DIY favorite time during the lockdown – but it looks like the boom is coming to an end.
Wickes said sales had ‘slightly dropped’ in recent weeks after it and rivals B&Q and Homebase saw increased demand as people stayed indoors.
Retail analyst Richard Hyman said the surge in interest in tools to build home offices and work on projects ‘will never be sustainable’.
Pandemic shutdown means Britons love DIY again – but a drop in sales and shared value suggests the boom is ending
Wickes’ share price fell to a record low yesterday, wiping £79m off the value of the business, after it warned the DIY bubble had burst.
B&Q’s Kingfisher owner has reduced its value by 8%.
It comes amid falling costs of living with inflation at a 40-year high of 9.4%.
Working from home means people have more time to upgrade and rethink their homes
AJ Bell analyst Danni Hewson says people have turned to telecommuting to upgrade and rethink their homes.
But she added: ‘Now the boom is definitely over as inflation takes root in the budget.’
