Renovation spend has “surged” in the last three years, as median spend has increased 13% to £17,000 in 2023, according to home renovation platform Houzz.

Credits: Photographer David Butler. Interior designer Amelia McNeil and architect Felix Padfield

The 2024 UK Houzz & Home Study of nearly 1,800 respondents found the top 90th percentile of spend doubled to £200,000, from £100,000 in 2020.

While renovation activity remains consistent with 48% of homeowners having taken on a renovation project in 2023, this is down a percentage point from last year.

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According to the report Gen Xers, which can be defined as people born from 1965 to 1980, spent the most on renovation projects for the second consecutive year, with their median spend at £22,000.

Millennials and Baby Boomers followed at £15,000 and £16,000, respectively.

The top 10% of spenders of these groups saw Gen Xers allocate budgets of £200,000 followed by Baby Boomers at £180,000.

However, while Gen X led in spend, Baby Boomers continued to drive renovation activity (54%), followed by Xers (34%) and Millennials (12%).

Nearly all renovating homeowners enlisted the help of a home professional in 2023 (93%), with specialty service providers such as electricians (59%), and plumbers (52%), hired most frequently.

Cash from savings continued to be the most common form of funding for renovation projects (86%), followed by credit cards and cash from a previous home sale (18%).

The report also found homowners are undertaking multiple renovation projects simultaneously but bathrooms led as the most commonly renovated interior room (29%), followed by kitchens and living rooms (26% each).

Following last year’s significant jump in median spend for bath and kitchen projects, these renovations saw increases of 39% and 16%, respectively, reaching £7,300 for bathrooms and £15,100 for kitchens in 2023.

Houzz staff economist Marine Sargsyan commented: “Despite economic headwinds, investment in home renovations continued in 2023. Gen Xers, in particular, continued to lead the charge in spending.

“As homeowners finally had the means to upgrade their spaces, the reliance on professional help remained strong.

“Looking ahead, nearly half of homeowners are now planning renovations, highlighting a strong enthusiasm for enhancing living spaces.”

It follows on from its 2024 Houzz State of the Nation report, which found professionals were more optimistic than 2023.