The huge expense involved in moving house means many homeowners are making improvements to their home instead of climbing the property ladder.
New research by Barclays Mortgages discovered the average time people stay in their property in the UK was 19 years and during this period they regularly updated their property for a variety of reasons.
In fact over half of UK homeowners, according to the survey, chose to make improvements to their current home rather than move to a new property.
And a quarter said they were giving their home a make-over because, although they wanted to move, they could not afford to do so because of the challenging property market.
A further quarter, however, admitted they wanted to make improvements to increase the value of the property. And many, particularly in younger age groups, were lured into redecorating by social media either through being inspired by pictures on Instagram or Pinterest or in order to showcase their own interiors on their channels.
Long-term view
Phil Spencer, TV property expert and Barclays Home Improvement Report spokesperson, said because we are staying in our properties for so long it was important to make them fit for purpose.
He added: “I would encourage anyone looking to update their home to take inspiration where they can, but always think about the long-term – ask yourself how something will look in three, five or 10 years before committing your time and money.”
The data has been unveiled as part of Barclays Mortgage’s 2018 Home Improvement Report, which has analysed the nation’s attitudes towards renovations.
As well as discovering many Brits had decided to renovate because they couldn’t afford to move it also uncovered other trends.
Top trends
The most popular improvements, it found, were fitting new carpets, installing a new kitchen and landscaping the garden. The most desired new additions were bi-fold doors, smart home tech and a spa bathroom.
But when it came to interior turn-offs, woodchip wallpaper, mirrored ceilings and carpeted bathrooms emerged as the biggest DIY improvement faux pas.
