Homeowners spend £48bn doing home improvements

Michael Lloyd

April 1, 2019

Homeowners have spent a total of £48bn doing up their homes over the last five years, an average of £8,000 each, NAEA Propertymark has found.

Some 98% of homeowners have made improvements to their properties over the last five years. The most popular changes are redecorating (72%) adding new flooring (42%) landscaping the garden (40%), and a bathroom refresh (34%).

Mark Hayward, chief executive, NAEA Propertymark, said: “Homeowners are renovating and improving their properties for various reasons.

“Our needs are constantly changing and by investing money into our homes, we can really make the most of what we’ve got. Alternatively, improvements can add value and saleability to a home that’s going onto the market.

“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; they need to be able to see themselves living in your home.

“If you’re looking to sell, a Propertymark Protected agent will be able to guide you through the process and help ensure your property ticks all the right boxes for potential buyers.”

One in 14 (7%) homeowners who have made improvements did so because the cost of moving was too high. However, home improvements don’t come cheap; a new kitchen costs a fixer upper £5,635 on average, installing a conservatory to open the living space costs £4,957 and building a garage comes with an average price tag of £4,526.

The majority (55%)) of those who made home improvements did so to improve the look of their home and a quarter (23%) thought doing up their property would be a good investment and add value.

A further one in five (19%) bought a fixer upper on purpose, with the intention of making improvements, whereas one in eight (12%) wanted to create more space.

However, the rising cost of living means not everyone can undertake the improvements they want to make immediately. More than a third (37%) of UK homeowners want to redecorate in the future, and a quarter (27%) hope to add a new kitchen.

Some have more zealous aspirations in mind; 4% want to build a home-gym and 3% plan to install a swimming pool.

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