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 in 2021.
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 on||Percentage|
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 home||Percentage of respondents|
|Garden summer house/work studio||31.62%|
|Outdoor/indoor pub or bar||12.07%|
|More walls/rooms for more privacy||8.28%|
|Other, please specify||8.18%|
Top home furnishing purchases in 2021
|Furniture / Home Accessory||Percentage of respondents|
Top 5 retailers to purchase furniture in 2021
|Retailer||Percentage of respondents|
How have UK homeowners funded their renovations 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.