Nearly one in eight homeowners have put their home renovation project on hold (12%), according to a  study from home renovation and design platform Houzz.

The survey of nearly 1,000 UK-based homeowners, conducted in late August through to September 2023,  found the top reasons for postponing projects include budget constraints, inflation and a lack of project urgency (34%, 33% and 28%, respectively).

However, it also found a quarter of respondents completed a project in 2023 (26%) and more than half are either in the middle of a renovation project (35%) or planning to start one by the end of next year (26%).

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In fact, the Houzz survey revealed fewer than 1% of homeowners reported cancelling a home improvement project in 2023.

According to responses, over half of the respondents (56%) were renovating rather than choosing to move home.

They stated it was a better return on investment and more affordable than moving (23% and 20%, respectively).

In fact, almost half of the homeowners will kick off renovation projects this year (49%), with kitchens (58%) and bathrooms (55%) topping the list.

Nearly half of projects planned for 2023 have a budget of over £50,000 (61%), and one in six projects has a budget of £100,000 or more (18%).

Houszz staff economist Marine Sargsyan stated: “The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy.

“Faced with inflation and rising interest rates, many homeowners have been forced to reevaluate their ability to pursue immediate improvements.

“That said, as homeowners choose to remain in their ageing homes rather than move, they continue to turn to industry professionals for assistance with necessary repairs and discretionary projects that improve their quality of life.”