UK homeowners have invested an average of £4,035 each on home renovations since the lockdown began in March.
This is according to the 2020 Renovation Nation Report, by mortgage comparison site money.co.uk which found Brits were sacrificing more than ever for their perfect pad at the prospect of spending more time at home.
Garden upgrades topped the list for the most popular lockdown renovation projects, closely followed by the living room, bedroom and kitchen as together the nation’s homeowners invested £55 billion in their properties.
The findings by the personal finance experts at money.co.uk, also suggest that homeowners had abandoned all hopes of a holiday and were using the money to finance home improvements.
Around a quarter used their savings to improve their home and some even admitted to sacrificing their ‘big day’ as 4% of Brits revealed they used money originally intended for a wedding or engagement ring.
When asked why they chose to invest in their home, over a quarter (27%) of homeowners cited adding value to their home as a reason.
Zoom-ready homes
Zoom has also played its part. Approaching half (40%) of British homeowners admitted to ‘Zoombarrassement’ over the appearance of their homes.
Keen to make the most of staying home, green-fingered Brits have also been turning their hand to growing their own vegetables, with just over one in five homeowners investing in a greenhouse or vegetable patch during the pandemic.
Salman Haqqi, personal finance expert at money.co.uk, said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds of homeowners to invest in renovations to their properties.
“Almost three quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing, it looks like the trend for investing in homes looks set to continue.
“For those looking to renovate or improve their homes, they will need to balance short term wishes with long term gain. The financial impact of investing in your home should always be a concern and ensuring you add value to your home through the work you do to the property is essential.”
For more information on what post pandemic renovations will add value to your home and ways to finance you can read the money.co.uk Renovation Nation Report here.
