UK homeowners spend £50billion on renovation since lockdown

Over a quarter have used money saved for holidays to finance home improvements

18 Aug, 20

British homeowners have invested £55billion in their properties, or an average of £4,035.70 each on renovations since the lockdown began in March.

UK homeowners spend £50billion on renovation since lockdown

The 2020 Renovation Nation Report by mortgage comparison site money.co.uk found a fifth of consumers spent the money on the kitchen (22%), while garden upgrades were the most popular project (34%).

Personal finance experts at money.co.uk found homeowners had used money which would have been spent on a holiday on their renovation projects.

Sponsored Video

Almost a quarter of those survey (24%) said they used money originally intended for a holiday, which was second only to general savings (26%).

Some homeowners (4%) even revealed they had used savings originally intended for a wedding or an engagement ring.

Over a quarter of homeowners (27%) said the reason for renovation was to add value to their home but nearly half (40%)  said they were embarrassed by their home when using Zoom.

Personal finance expert at money.co.uk Salman Haqqi said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds (65%) of homeowners to invest in renovations to their properties.

“Almost three-quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing. It looks like the trend for investing in homes looks set to continue.”

 

Related Articles
14 Feb, 2024
Roman refurbishes Head Design Centre
Read more
16 Jan, 2024
Omega completes £1million investment
Read more
30 May, 2023
Ideal Home names Bathroom Award 2023 winners
Read more