Over half of homeowners in the UK are planning to complete home improvements in the next year, with kitchens and bathrooms the preferred renovations of choice, according to new research.
Around 37% of homeowners will prioritise renovating their bathroom, while 35% will focus on their bedroom or kitchen, with an estimated £55.5bn to be spent on renovations.
(MORE: How to renovate a bathroom)
The research from Checkatrade, which comprised 1,000 homeowners, also discovered that more than a third of homeowners expect to spend between £2,000-£10,000 on home improvements, indicating the healthiness of the renovation market.
With the property market stagnating in uncertain political times in the UK, renovating and extending offers opportunities for homeowners to improve their homes, potentially with a view to selling them on.
Earlier this year a survey revealed that renovating a kitchen resulted in an average 5.5% property value increase, while a new bathroom led to a 2.6% average increase.
(MORE: How to renovate a kitchen)
With recent Rightmove data indicating that property prices have fallen for the first time since 2010 – a statistic largely attributed to uncertainty over Brexit – it’s not surprising that 68% of homeowners are staying put and renovating instead.
This was supplemented by Checkatrade’s research illustrating that 47% of Brits are worried about the impact that Brexit could have on the housing market.
Mike Fairman, CEO at Checkatrade, said: “The research brought to light some interesting findings and highlighted a real opportunity for our tradespeople. While Brexit has delivered a degree of uncertainty to the property market, homeowners are still looking to improve their homes either for themselves, or in preparation to sell.
“For those looking to make those all-important renovations, it’s vital to use a checked and vetted tradesperson to complete the work. Our network of over 36,000 tradespeople nationwide is the perfect place to find the best person for the job.”