Research by Lloyds Bank showed a total of £5.5bn was spent on home maintenance and upgrades in the last calendar year.

This was 10% higher than the previous year and is the highest level since 2008.

Including spending on tradespeople, this figure was £6.9bn, an increase of 8% year-on-year.

With a lack of suitable properties in the market, more people are choosing to upgrade their existing home instead of moving.

Expenditure on tools and equipment for home improvements, such as plumbing tools and lawnmowers, also increased. Spending in these categories grew by 9% from £4 billion in 2013 to £4.4 billion in 2014.

Real spending on DIY materials rose by 10% from £1 billion to £1.1 billion.

Andy Hulme, Lloyds Bank mortgages director, said spending on DIY spending was often linked to house prices.

“The latest figures provide further evidence that people are continuing to increase their spending on DIY and home improvements as the economy and housing market pick up, with DIY spending increasing by 10% in the last year,” he said.

“This followed a sharp fall in spending between 2007 and 2011, which reflected the worst of the economic and housing downturns during this period.”