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Brits spend more than £40bn making their house a home

Tuesday 03 April 2018

PRESS RELEASE: Homeowners, who have spent on home improvements, across the UK have spent more than £40 billion over the last five years making home improvements – working out at £1,875 each. The most popular improvements include redecorating, garden landscaping, new flooring and refreshing the bathroom.

As National Home Improvement Month begins, NAEA Propertymark reveals UK homeowners have spent a total of £41 billion doing up their homes over the last five years1 – an average of £1,875 each2.

With growing house prices making it increasingly difficult to move up the ladder, nearly three in four (73 per cent) homeowners have made improvements to their properties over the past five years. The most popular changes are redecorating (73 per cent), landscaping the garden (54 per cent), adding new flooring (39 per cent) and refreshing the bathroom (31 per cent).3

The cost of home improvements

One in ten homeowners who have made improvements, did so because the cost of moving was too high. However, home improvements don’t come cheap; adding a new kitchen sets doer uppers back by £5,016 on average, installing a conservatory in search of a warm garden refuge typically costs homeowners £4,310 and extending into the loft or basement comes with a £3,244 price tag attached.

Home improvement motivation

The majority (61 per cent) of those who have made home improvements did so to improve the look of their home. For a quarter (25 per cent) they thought doing up their property would be a good investment and add value. A further one in four (24 per cent) bought a doer-upper on purpose, with the intention of making improvements, whereas one in eight (13 per cent) needed to create more space.

With the cost of living on the rise, not all homeowners can undertake the improvements they want to immediately. Two fifths (39 per cent) of UK homeowners want to redecorate in the future, and a quarter (28 per cent) wish they could add a new kitchen. Some have more ambitious aspirations; six per cent want to build home-gym, a further six per cent want a home cinema and four per cent hope to install a swimming pool one day.3

Mark Hayward, Chief Executive, NAEA Propertymark, says: “There are many reasons why homeowners are improving their property – whether it’s because they have realised the value and sale potential it can add, or they cannot afford to move and are looking to make the most of what they’ve already got.

Your house will almost certainly be more attractive to buyers with some general sprucing up and cleaning, and improvements that create a sense of space, privacy and give a great first impression will increase saleability. If you’re making improvements to add value to your home, it’s important to not over-personalise the décor so it appeals to future buyers, and will allow them to adapt the property to fit their own needs.

“If you’re looking to sell your home soon and need advice on how to maximise saleability, then a Propertymark Protected agent will be able to guide you through the process, and help you ensure your property ticks all the right boxes for potential buyers.”

For Propertymark’s 10 top home improvement tips to increase the value of your home please visit propertymark.co.uk.

 

ENDS

 

1 Opinium Research carried out an online survey among 2,011 UK adults from 23 to 26 March 2018 – of which 1,157 are homeowners. www.opinium.co.uk

2 Adult population of the UK - 51,767,000
Average spend per head on all home improvements over the past 5 years - £1,875
Number of UK homeowners who spent on home improvements (1157 - 309 = 848)
Percentage of UK adults who have spent on home improvements (848 / 2011 = 0.421680756)
Number of UK adults who have spent on home improvements (0.421680756 x 51,767,000 = 21,829,148)
Total amount spent over 5 years (21,829,148 x £1875 = £40,929,651,914)

3 Most popular home improvements and amount spent per improvement:

The most popular home improvements for homeowners

Percentage of homeowners

Ave. spent per improvement

Redecorate

73%

£889

Garden landscaping

54%

£794

New flooring

39%

£1,002

New bathroom

31%

£2,719

New doors (including internal and external)

28%

£906

New kitchen

27%

£5,016

New windows

25%

£2,543

Decking/patio alterations

18%

£1001

Driveway or parking space

15%

£1,873

Built a conservatory

11%

£4,310

Added activity room

8%

£1,238

Basement/loft extension

8%

£3,244

Walk-in wardrobe

8%

£949

Built a gym

7%

£728

Wet room

6%

£1,482

Built a garage

6%

£2,717

Installed a swimming pool

6%

£1,258

Jacuzzi/hot tub

5%

£1,080

 

For further information contact:

NAEA Propertymark Press Office

Tel: 020 7566 9777

E-mail: propertymark@lansons.com

 

About NAEA Propertymark

NAEA Propertymark is the UK’s leading professional body for estate agency personnel; representing members who practice from over 11,500 offices in all aspects of property services. We are dedicated to the goal of professionalism within all aspects of property, estate agency and land. Our aim is to reassure the general public that by appointing a NAEA Propertymark Protected agent to represent them, they will be safeguarded and receive the highest level of integrity and service for all property matters.