UK homeowners invest £40bn in home improvements

04APR

UK homeowners invest £40bn in home improvements

Wed 04 Apr 2018 by Frances Traynor

April is National Home Improvement Month when homeowners are challenged to channel their inner DIY guru and gut that one room in their home that desperately needs a makeover.

Incredibly, we here in the UK have spent more than £40 billion in the last five years alone on home improvements, according to research from the estate agent trade group, NAEA Propertymark.

Its survey revealed that the most popular ways to refurbish our home is through redecorating, landscaping the garden, changing the flooring and refreshing the bathroom. On average, homeowners each spent £1,875 on home improvements.

Three in four (73 percent) of homeowners said they'd made improvements to their home in the last five years with 61 percent of those quizzed said they'd done so to make their place look better for them but a quarter (25 percent) saying their motivation was to add value to their home by investing in it.

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Changing rooms, not changing homes

Interestingly, the NAEA research also confirms that many homeowners plump for changing rooms because changing homes is too expensive. One in 10 said they'd only carried out home improvements because they couldn't afford to move.

The research puts a price on the most popular ways to do up your place: expect to pay an average £5,000 for a new kitchen; £4,310 for a conservatory; while extending a loft or basement will set you back around £3,200.

Investing in changing a room such as a kitchen, renovating living space or improving outdoor areas certainly pays off when it comes to selling a property.

More attractive to buyers

Mark Hayward, chief executive of NAEA Propertymark, said: "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 decor so it appeals to future buyers and will allow them to adapt the property to fit their own needs."

Are you planning some home improvements this month? Maybe looking to extend or renovate later in the year? If you plan to remortgage to finance your dream DIY project, talk to Homeard Legal's expert team today. All the solicitors on our nationwide panels are experienced in managing the conveyancing process for remortgaging and can ensure your case proceeds smoothly.

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