It appears we’re a nation of house improvers. Clearly not fully satisfied with the four walls we call home, a whopping 51% of us reported taking on a renovating project in 2019. On average, these keen renovators took on nearly three rooms in a bid to take their accommodation up a notch.
But who is it that’s making these changes, and how much money and time are they spending on the work? Let’s take a look.
Generations of Renovators
The survey by Houzz, which quizzed almost 7,000 property owners of varying ages, found that it was Generation Xers (those around ages 40-54) who accounted for two in five of those renovating homeowners. They were closely followed by the Baby Boomers (around 55-74 years of age), who took on 37% of the total renovations in 2019. The younger Millennials (ages 25-39) – often labelled “generation rent” – carried out 19% of home improvements.
How Much are We Spending?
We’re forking out slightly less on home renovations than we once did. The study found that in 2018, the median spend on our improvements was £18,000, but this reduced quite dramatically to £11,000 in 2019. Generation Xers and Baby Boomers both put £12,000 of their hard-earned cash towards their work, while Millennials came in with a slightly lower budget of £10,000. Still a decent chunk of money, we are clearly prioritising spending money on our homes.
It’s All in the Planning
Home renovations take time. The survey found that on average, renovators planned their projects for between 5.7 and 12.9 months. The construction itself took between 1.9 and 13.4 months – so for both stages, never quick! Kitchens required a lot of planning, averaging 10 months – but it’s no surprise when a gorgeous new fitted kitchen or extension can add great value to a house.
Renovations in a Pandemic
It doesn’t come as a shock that in 2020, taking on home improvements proved hugely popular – DIY shops were some of the only to stay open through lockdown, after all! According to the Rated People Home Improvement Trends Report, some of the most popular jobs included painting, laying new carpets and adapting rooms to be multi-use. With the move to home working, it’s no surprise that 8% of us even created our own home office. While full renovation work is likely to have proved difficult with so many restrictions, many of us were keen to make small improvements to the homes in which we were spending so much time.
Future Trends
But how does the future of home renovations look for 2021? It seems there’s a decent proportion of us who want to move home altogether. The survey found that 25% of UK residents are keen to take on a larger house, while 29% are craving a home with more outdoor space. For those staying put, 38% were keen to improve their home office, while 47% have planned to work on making their garden better. In a trend we could see affect many home renovations, 47% of UK residents want to be more eco-friendly in 2021.
