This report, by mortgage comparison site money.co.uk, investigates which areas of the home property owners have invested in since lockdown began.
How much have UK homeowners invested since lockdown?
The report found that UK homeowners have spent an average of £4,035.70 each on home renovations since the lockdown restrictions came into force in March this year. This equates to £55billion* across the UK.
Although many have struggled with the impact of lockdown on their finances, the 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.Having to spend more time at home during lockdown has inspired almost two-thirds of homeowners to invest in renovations to their properties, according to new research by @moneycouk Click To Tweet
Findings also suggested that the trend for investing in homes is set to continue as almost three quarters (73%) of homeowners questioned admitting they will continue to stay home as much as possible, even with lockdown easing.
Why are homeowners investing in their homes?
When asked why they chose to invest in their home, almost two thirds (63%) said it was to make their home feel comfortable as they were spending more time in it. Over a quarter (27%) cited adding value to their homes as a reason, whilst 22% had more disposable income to spend on the home.
13% of homeowners anticipated spending more time at home due to the potential of an extended lockdown and this encourage the decision to carry out renovations.
Zoom has also played its part. Approaching half (40%) of British homeowners admitted to ‘Zoombarrassement’ over the appearance of their homes.
The impact of the pandemic on our ideal home
The report suggests that the pandemic has changed our home renovation dreams as social areas begin to take precedence over areas of utility.
Before the pandemic little attention was paid towards the most social areas of the home including the garden and living room. This latest report suggests homeowners perception of importance has changed as specialist areas are seen as an asset rather than a novelty. Areas such as a garden studio, leisure area, indoor gym or pub/bar area that add a point of difference, escapism or an improvement to well-being are a necessity.
Garden upgrades (34%) top a list for the most popular lockdown renovation project, closely followed by the living room (23%), bedroom (22%), kitchen (22%). Those keen to make the most of staying home have also been turning their hand to growing their own vegetables, with just over one in five (21%) homeowners investing in a greenhouse or vegetable patch during the pandemic.
The research of 1,022 UK homeowners was conducted on behalf of Money.co.uk during July 2020.
Number of owner occupied properties in the UK 18,090,000 (15 million in England, English Housing Survey 2018/2019; 1.53 million in Scotland – 62% owner occupied of a total stock of 2.48 million, Housing Statistics for Scotland 2019: Key Trends Summary; 1 million in Wales – 70% owner occupied from a total stock of 1.43 million, Dwelling Stock Estimates for Wales as at 31 March 2019; 559k in Northern Ireland – 70% owned outright or owned with mortgage out of a total stock of 798,791, Northern Ireland Housing Statistics 2018-19)
*76% of UK homeowners spent money on renovations in their home during lockdown 0.76 x 18,090 million equals 13.75 million homeowners. UK homeowners spent an average of £4,035.70 on home renovation during lockdown.
13.57 million x £4,134 equals £55.48bn