With house prices rising, new research finds that nearly half of Brits (47%) are planning on spending an average of £3,659 on home renovations this year, while over one in ten (14%) expect to spend over £10,000.
The research, which has been undertaken by the leading multi-category retailer, Very, explores Brits’ renovation intentions this year, including what they’re planning to spend their money on and what’s inspiring their home makeovers.
Regional trends – South East spending most, North East has most renovators
Homeowners in the South East are expected to spend the most on home renovations with an average outlay of £4,264 – over £1,280 more than Scottish homeowners who are expected to part with £2,984.
The North East (55%) has the highest proportion of property owners considering renovations, followed by Wales (53%) and the South West (51%). Northern Ireland has the smallest proportion of homeowners considering work.
| Regions planning to spend the most on their renovations | Regions planning on renovations | ||||
| 1 | South East | £4,264 | 1 | North East | 55% |
| 2 | London | £4,251 | 2 | Wales | 53% |
| 3 | West Midlands | £4,219 | 3 | South West | 51% |
| 4 | South West | £3,913 | 4 | London | 50% |
| 5 | East Anglia | £3,726 | 5 | North West | 50% |
| 6 | North East | £3,523 | 6 | Yorkshire and the Humber | 50% |
| 7 | Wales | £3,445 | 7 | South East | 49% |
| 8 | Yorkshire and the Humber | £3,217 | 8 | Scotland | 45% |
| 9 | Northern Ireland | £3,136 | 9 | East Midlands | 44% |
| 10 | North West | £3,097 | 10 | West Midlands | 42% |
| 11 | East Midlands | £2,992 | 11 | East Anglia | 38% |
| 12 | Scotland | £2,984 | 12 | Northern Ireland | 38% |
Spending levels are high, but few are choosing to insure
Kitchens are by far the biggest outlay being considered with an average spend scheduled of £5,331. Kitchens are followed by bathrooms (£3,742) and building services (£3,702).
At the other end of the spectrum, homeowners will also spend an average of £173 on decorating products, £187 on wallpaper and £130 on paint.
While spending levels are high, only 19% of those surveyed said that they planned to insure their purchases, despite many respondents declaring an intention to spend on insurable items such as furniture, kitchens and appliances, and soft furnishings.
Why are people renovating?
The most common factor driving the move to renovate is the desire to make one’s home a better property to live in (65%). The next most popular factor is homeowners who are looking to invest their lockdown savings into their property (16%). This is followed by those who are investing in their home because they are considering selling it (14%).
Over one in ten (12%) are driven by the fact that they’re embarrassed that their homes are not up to the same standards as their friends’ homes.
Sources of inspiration: TV and Magazines trump social media
Despite the pervasiveness of social media, TV (23%) and magazines (20%) are the most popular sources of renovation inspiration, followed by friends’ homes (19%).3
Pinterest (12%) is the most popular source of social media inspiration when it comes to doing up your home, followed by Instagram (10%), YouTube (9%), Facebook (6%) and Tik-Tok (2%).
Looking at social media usage regionally, Londoners are the heaviest users of Pinterest (16%), Instagram (20%) and YouTube (22%) for home renovations. The Northern Irish are the least likely to use Pinterest and Instagram for inspiration with no respondents using either medium. The Welsh (2%) are the least likely to use YouTube.
A spokesperson for Very’s search marketing team, commented: “Our research finds that nearly half of British homeowners are going to be undertaking some kind of home renovation work this year. It’s a massive number and underscores how much Brits care about their homes.
“What’s particularly noteworthy is that when it comes to sources of inspiration, most Brits are still choosing to rely on traditional sources of media like TV and magazines, despite the widespread popularity of social media channels like Pinterest, Instagram and YouTube.
“If you’re one of the 47% of Brits planning on undertaking renovations this year, Very has a wide range of products, from decorating to kitchens and furniture, that could meet your needs.”
