Findings from a survey of 6972 UK homeowners on Houzz about their home renovations in 2018 and plans for 2019.
GROWTH IN KITCHEN RENOVATION SPEND:
Kitchens were one of the most popular and most expensive rooms to renovate in 2018. In fact, financial investment in a typical (median) kitchen renovation grew 11% in 2018, to £10,000. Median spend on bathroom renovations also grew by 9%, to a median spend of £4,350 in 2018.
RENOVATING ACTIVITY REMAINS STEADY:
Renovating activity remained strong through 2018. More than half of homeowners on Houzz renovated an average of three rooms per project, at an overall median spend of £18,000. Similar to expectations from previous years, 46% of renovating homeowners planned to continue or begin renovations in 2019.
RENOVATING ACTIVITY DRIVEN BY OLDER GENERATIONS:
Baby Boomers (ages 55-74) and Gen Xers (ages 40-54) combined represent three quarters of the renovating activity (74%), at a median spend of £20,000, each. 42% of Gen Xers and 29% of Baby Boomers anticipate new projects in 2019.
MOTIVATIONS FOR RENOVATING:
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovating are to stay in their current home or area, outranking return on investment. Wanting to stay in the current home is the biggest decision driver for Baby Boomers and Gen Xers, whereas Millennials (ages 25 to 39) chose to stay in their current home and renovate because it was more affordable than moving.