UK Homeowners Spend £21 Billion On Renovations

UK Homeowners Spend £21 Billion On Renovations

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 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 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.

UK Homeowners Spend £21 Billion On Renovations
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UK Homeowners Spend £21 Billion On Renovations
BDC July 2022 issue - 294

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