This survey by home renovation platform Houzz investigates UK home renovations carried out in 2019 and homeowners renovation plans for 2020.
The impact of COVID-19 on Home Improvement
The Houzz & Home survey was fielded prior to the declaration of the coronavirus pandemic, between February-March 2020. At that time almost half of homeowners on Houzz reportedly planned to continue or start renovations this year (46 percent) and more than half of homeowners planned to make repairs (54 percent).
Initial results* from a subsequent survey ‘COVID-19 and your home‘ fielded by Houzz 25th June – 6th July 2020 have shown that two in five homeowners who were in the midst of a project at the start of the pandemic were able to continue with renovations. However, some homeowners opted to delay certain elective renovations due to implications related to social contact, labour and material availability and personal discretionary spending. Houzz has suggested that ‘deferred maintenance’ will accrue during this period, setting the stage for a renewed burst of activity following the pandemic.
*At the time of publishing this post, the full results had not been released
Headlines from the home renovation study include:-
- GEN Xers DRIVE HOME RENOVATIONS: More than half of homeowners reported a renovating project in 2019 (51%), tackling nearly three interior rooms on average. Gen Xers (ages 40-54) accounted for two in five renovating homeowners in 2019 (42%). Baby Boomers (ages 55-74) and Millennials (ages 25-39) follow in renovation activity with 37% and 19% of home renovators, respectively.
- HOME RENOVATION SPEND: Median spend declined to £11,000 in 2019 from £18,000 in 2018. Baby Boomers and Gen Xers offset some of this decline with the highest median renovation spend in 2019 at £12,000, each. Millennials followed, with a median spend of £10,000.
- RENOVATION MOTIVATIONS: Home renovators were most commonly motivated to pursue a project because they wanted to do it all along and finally have the time and financial means (37%, each). Gen Xers were more likely to pursue a project because they’ve wanted to do it all along and finally have the financial means than because they wanted to customise a recently purchased home (41% versus 26%, respectively). Home purchases more commonly motivated Millennials (50%).
- PLANNING TAKES TIME: Planning for a home renovation project took between 5.7 and 12.9 months on average for different types of projects, whereas construction took between 1.9 and 13.4 months. Kitchens require lengthy planning, averaging 10 months.