Home improvement on the
increase – survey
April 2017

The number of households planning major home improvements has risen dramatically since last year, according to figures released yesterday.

Nearly 60% of UK homeowners are planning projects with a combined value of over £50billion in the next six months – 12% up on the same time last year.

The optimistic forecast comes in the Velux 2017 Home Improvement survey, which also reveals that, while the planned average spend in the time is £4,870, one in six improvers (16%) are aiming to invest over £10,000 on their homes.

The findings also indicate that the motive for home improvement is more emotional than rational. Over a third of improvers (34%) are doing so because they love their home and the area they live in and don’t want to move, while a quarter (26%) are improving their home to add value to the property.

However, a quarter of them (24%) say their main reason for home improvement is one of self-satisfaction, simply to make them feel good about themselves – only marginally behind the number who cite adding value.

The main focus of home improvement plans is cosmetic, with 71% planning to paint and decorate. However, a quarter (26%) are investing in flooring and lighting, followed by a new kitchen or bathroom (24%) and replacement windows (13%). In London, where space is at more of a premium than elsewhere in the UK, 14% of home improvers are planning an extension compared to just 1% of home improvers in Wales and Scotland.

Velux product manager Grant Sneddon said: “Despite widespread reports of weakened consumer and business confidence, our comprehensive research underlines a clear intention from homeowners to continue investing in their homes.

“What’s perhaps more interesting is that homeowners are spending out of a personal preference of creating their dream homes, just as much as those who are spending to invest in the future value of their property.”

The figures are based on research carried out by OnePoll between 22 March and 28 March 2017 surveying 2,000 UK homeowners who are planning to carry out home improvements in the next six months respectively.