RENOVATION NATION

UK HOMEOWNERS SPEND £21 BILLION ON RENOVATIONS IN 2021

  • Three-quarters (77%) of UK homeowners have invested in their property this year
  • Over half (51%) of UK homeowners said COVID-19 has played a role their decision to invest in their property
  • One in five UK homeowners have spent the majority of their home improvement money on their garden

The annual Renovation Nation Report by the consumer spending experts at money.co.uk has found the average UK homeowner has spent £1,473 on home renovations, furnishing and DIY projects this year.

What part of the home have UK homeowners spent the most money on?

After almost a year of being confined to our homes, it’s perhaps unsurprising that one in five (20%) of UK homeowners have spent the majority of their home improvement money on their garden.

Area of the home UK homeowners have spent the most money onPercentage
Garden20%
Living room17%
Bedroom14%
Kitchen14%
Bathroom9%
Dining Room3%
Study/office3%
Roof3%
Conservatory2%
Garage/garage conversion2%
Loft/attic2%
Balcony1%
Basement1%
Annexe1%

Our love of gardening has blossomed during and following the pandemic. When asked what home projects they’d invest in if money were no object, a third (32%) of respondents said a garden summer house or work studio and almost a fifth (18%) said a greenhouse or vegetable patch.

This green-fingered trend could be seen across the age groups, with the exception of Gen Z who claimed their kitchen was the room they’d spent the most on in 2021, and a home gym would be the top priority if money were no object.

Which area of the home would Brits invest in if money were no object?

If money was no object, which home projects would you consider investing in, as a direct result of the pandemic, if any? 

Area of the homePercentage of respondents
Garden summer house/work studio31.62%
Greenhouse/vegetable patch17.86%
Indoor gym17.21%
Leisure room15.76%
Office12.52%
Outdoor/indoor pub or bar12.07%
More walls/rooms for more privacy8.28%
Other, please specify8.18%
Bike storage7.28%
Classroom3.39%

Top home furnishing purchases in 2021

Furniture / Home AccessoryPercentage of respondents
Lamps/Lighting41%
Cushions40%
Curtains/Blinds39%
Mattress30%
Artwork29%
Sofa/Armchair28%
Bookcases/shelving28%
Bed28%
Vases27%
Clocks26%
Storage cabinet26%
Office chair24%

Top 5 retailers to purchase furniture in 2021

RetailerPercentage of respondents
Ikea27.03%
Dunelm27.03%
Next17.13%
The Range17.13%
John Lewis16.47%

How have UK homeowners funded their renovation projects?

The majority of UK homeowners have used some form of savings as a way of funding their home improvements, with 20% using money originally intended for holidays.

Seven percent of UK homeowners have used funds originally intended to purchase a car, and 5% using cash originally intended for an engagement ring.

Why are UK homeowners investing in their properties?

While over half of UK homeowners may have cited the pandemic playing a significant role in their decision to dabble with DIY, money.co.uk were also interested in finding out the reason why so many of us are spending time and money on our homes in 2021.

Over a quarter (27%) of those asked said that spending less money on going out had given them more money to spend on their homes and over a fifth (22%) cited wanting to increase the value of their home.

Salman Haqqi, personal finance expert at money.co.uk comments on the study:

“DIY and home renovations was a trend that boomed during the pandemic – a way for many of us to pass the time and spruce up the space we were living in when we were confined to our homes. 

“Although restrictions have eased and normal life has almost fully resumed, our research shows that many UK homeowners are still continuing to renovate and invest in their properties. We found that despite a relatively rainy summer, gardens have taken the top spot on many people’s DIY to-do list – which is potentially a long-term knock-on effect of the months in lockdown.

“While some renovations like a fresh coat of paint can be relatively cheap, some larger home makeover projects can cost several thousands of pounds. One potential way to finance your home renovation project is by securing a loan. However, it’s important to consider if you can afford the loan, how you intend to repay it and the implications on your credit score if you can’t keep up the repayments.”

Methodology:

Money.co.uk asked 2,005 UK homeowners about their home renovation spending habits in August 2021.

Number of households data was collected from the latest government data sources:

England (2019) https://www.gov.uk/government/statistical-data-sets/stock-profile, owner occupied.

​​Scotland (2018) https://www.gov.scot/collections/housing-statistics/ Stock by Tenure 2018, owner occupied

Wales (2020), http://gov.wales/statistics-and-research/dwelling-stock-estimates , Dwelling stock estimates by year and tenure, owner occupied

Northern Ireland (2020), Northern Ireland Housing Statistics 2019-2020, 70% owned outright or with mortgage of 807,812 total dwellings.

Across the UK, we estimate there are 18,727,492 homeowners. 

Using the figure that 76% of UK homeowners spent money on renovations in 2021. Money.co.uk estimates this is equivalent to 14,356,496 homeowners. Using the average spending figure of £1,473, money.co.uk then estimated this is the equivalent of £21,147,118,128 spent on home renovations.

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