UK homeowners have spent £21billion on renovations, with three-quarters of UK homeowners (77%) having invested in their property in 2021, according to the latest Renovation Nation Report by money.co.uk.

It has seen a drop in spend on the previous year, which saw homeowners spend £50billion on renovations following the lockdown in March 2020.

However, kitchens and bathrooms remained among the top spaces attracting spend in 2021, with 14% and 9% respectively choosing to invest in these rooms, with the most popular project the garden (20%).

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It found the majority of UK homeowners have used some form of savings as a way of funding home improvements, with 20% using money originally intended for holidays.

People have also used funds which were intended to buy a car and even 5% have used cash originally intended for an engagement ring.

While over half of UK homeowners cited the pandemic playing a significant role in their decision to refurbish their home, over a quarter (27%) said spending less money on going out had given them more disposable income.

In addition, a fifth (22%) cited wanting to increase the value of their home.

Money.co.uk collated the information from 2,005 UK homeowners about their home renovation spending habits in August 2021.

Personal finance expert Salman Haqqi commented: “DIY and home renovations was a trend that boomed during the pandemic – a way for many of us to pass the time and spruce up the space we were living in when we were confined to our homes.

“Although restrictions have eased and normal life has almost fully resumed, our research shows that many UK homeowners are still continuing to renovate and invest in their properties.”