Home improvements have been keeping the nation going through lockdown it seems — each household has spent, on average, just over £4,000 on improvements since the beginning of lockdown, research shows.
Findings from Money.co.uk show that homeowners have significantly invested either in renovating a house or making home improvements to better suit their needs during lockdown, and to reflect their changing requirements.
Many of us will be planning DIY jobs and home improvements over the approaching Bank Holiday weekend, and garden projects could be a very popular choice.
Gardens were the most popular area to renovate or improve during lockdown, the findings showed, with garden offices and vegetable patches high on homeowners’ wish lists. Garden projects were completed by 34% of the 1,022 UK homeowners surveyed.
Living room projects were the second most popular choice (23%), closely followed by bedroom and kitchen projects (both 22%).
In total, homeowners in the UK have invested £55bn in renovating or improving their homes during lockdown, with an average spend of £4,035.70 per home.
How Have Homeowners Funded Home Improvements?
Almost a quarter (24%) used money originally intended for a holiday to finance their home improvements, which was second only to those who used general savings (26%).
Salman Haqqi, personal finance expert at Money.co.uk, said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds (65%) of homeowners to invest in renovations to their properties.
“Almost three quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing, it looks like the trend for investing in homes looks set to continue.”
Will the Renovations Add Value?
Certain home improvements projects are very likely to boost the value of your home, as well as its kerb appeal, which is especially useful if you’re looking to climb up the property ladder.
(MORE: How to Add Value to Your Home: 20 Value Boosting Tips)
Just over a quarter (27%) of homeowners said adding value to their home was the main reason they chose to invest in their respective projects, and these improvements could be seen as vital as we emerge from lockdown.
“Areas such as a garden studio, leisure area or pub/bar area that add a point of difference, escapism or an improvement to wellbeing will be seen as a necessity,” said Adam Parson, a property expert at Andrews Property Group.
“As we emerge from lockdown the perception of importance has changed, and we believe that the home buyers in today’s market will take more notice of these areas which increases their potential to add value to the overall property.”
