We are a nation of DIY enthusiasts, and according to the latest research from NAEA Propertymark, we have splashed out a total of £48bn doing up our homes over the last five years – an average of £8,000 each.
With growing house prices making it difficult for many to move up the ladder, 98% of homeowners have made improvements to their properties over the last five years. The most popular changes are redecorating (72%), adding new flooring (42%), landscaping the garden (40%), and a bathroom refresh (34%).
The cost of home improvements
7% of homeowners who have made improvements did so because the cost of moving was too high. However, home improvements don’t come cheap; a new kitchen costs a fixer upper £5,635 on average, installing a conservatory to open the living space costs £4,957 and building a garage comes with an average price tag of £4,526.
Home improvement motivation
55% of those who made home improvements did so to improve the look of their home and 23% thought doing up their property would be a good investment and add value. A further 19% bought a fixer upper on purpose, with the intention of making improvements, whereas 12% wanted to create more space.
However, the rising cost of living means not everyone can undertake the improvements they want to make immediately. 37% of UK homeowners want to redecorate in the future, and 27% hope to add a new kitchen. Some have more zealous aspirations in mind; four per cent want to build a home-gym and three per cent plan to install a swimming pool.
Mark Hayward, Chief Executive, NAEA Propertymark, says: “Homeowners are renovating and improving their properties for various reasons. Our needs are constantly changing and by investing money into our homes, we can really make the most of what we’ve got. Alternatively, improvements can add value and saleability to a home that’s going onto the market.
If you’re making improvements to add value to your home, it’s important to not over-personalise the décor so it appeals to future buyers; they need to be able to see themselves living in your home. If you’re looking to sell, a Propertymark Protected agent will be able to guide you through the process and help ensure your property ticks all the right boxes for potential buyers.”