Brits plan to repair not replace in 2011
Thursday, 30 December 2010 2:00 PM
Thrifty UK homeowners are more likely to pay for repairs in 2011, rather than buy replacement household goods, according to new research from leading high street bank HSBC.
In a survey of more than 1,000 British property owners, almost half said that they would seek a quote to repair key durable goods, such as their TV, cooker or washing machine, if they broke down.
Forty-eight per cent would rather have their laptop or fridge repaired in the event of a breakdown, while just 40 per cent would simply buy a new one.
But despite a typical replacement costing in excess of £525, the average amount those seeking a repair would be willing to pay was found to be just £73.
Richard Brown, head of savings at HSBC, commented: "The recent recession and increasing inflation, together with the planned rise in VAT from January and lower disposable income, means that many people will be seeking ways of tightening their belts in the new year."
He added: "While many say they see the benefits of ‘mending and making do,' when it comes to the crunch, the majority are still unlikely to pay much for a repair in comparison to the cost to replace.
"In the interest of saving money, it may be wiser to pay more for a repair than to replace each time an item breaks as this could in fact save hundreds of pounds in the long run."
