Another "is there a plumber in the house"...

Over the last couple of months we've lost pressure from the hotwater system, it just dribbles out at times, and is no where near as strong as the cold water. Immediate thoughts are that perhaps the pressure limiting valve is kaput, but is there anything else it could be? HWS is fairly new - dated 2004 or so - not ancient by any means.
And whats the best way to replace the limiting valve without getting 100 litres of water on the laundry floor?
And whats the best way to replace the limiting valve without getting 100 litres of water on the laundry floor?
