Over the last three years, UK homeowners have significantly ramped up their spending on renovation projects, reveals a comprehensive study by Houzz, a popular online design platform. The 2024 Houzz & Home Study gathered insights from nearly 2,000 UK residents aged 18 and above, shedding light on the evolving landscape of home renovations.
Rise in Spending
The study highlights a 13% increase in median renovation spend from 2020 to 2023. Even more striking, the top 90th percentile of spenders doubled their investment from £100,000 in 2020 to an impressive £200,000 last year. This data underscores a growing trend among homeowners to allocate more substantial resources towards enhancing their living spaces.
Steady Engagement in Renovations
Despite the increase in spending, the overall participation in home renovations has remained remarkably stable. According to the Houzz report, 48% of homeowners undertook renovation projects in the past year, only a slight decrease of 1% from the year before. This consistency suggests a sustained interest in home upgrades among UK residents.
Demographic Dynamics
The report also delves into the demographic aspects of the renovation boom. Generation X, or those between the ages of 40 and 54, continue to lead as the highest spenders, with a median expenditure of £22,000 on renovations. This is significantly higher than the Millennials (ages 25 to 39) and Baby Boomers (ages 55 to 74), who reported average spends of £15,000 and £16,000, respectively.
However, when it comes to the sheer volume of renovation activities, Baby Boomers take the lead, accounting for 54% of all renovations. Generation X follows with 34%, and Millennials trail with only 12% of the activities, highlighting varied priorities and capabilities across the generations.
Popular Renovation Projects
Homeowners are not just spending more; they are also choosing their projects carefully. Bathrooms emerged as the most popular renovation target, with 29% of respondents identifying it as their most frequent update. Kitchens and living rooms were close behind, each cited by 26% of homeowners. Additionally, bedrooms and dining rooms were also common areas of focus, with 25% and 17% of participants undertaking renovations in these areas, respectively.
Motivations Behind Renovations
The motivations for these renovations are as diverse as the projects themselves. A significant portion of homeowners, 34%, stated that they had long wanted to renovate and only recently obtained the necessary funds. Another 34% mentioned finally having the time to undertake these projects. Moving into a new property was a trigger for 30% of respondents, who desired to tailor their new homes to their tastes. Moreover, addressing deterioration and adapting homes to changing family or lifestyle needs each prompted 19% of the renovations.