Average Spend on Home Improvements Reaches £5,300
5th June 2009
More than half of Home-owners (55%) have undertaken home improvements during the past 12 months, according to new research from Halifax, the UK's largest mortgage lender. The average amount spent on home improvements (not including adding space) over the last 12 months was £5,300.
Redecorating is the nation's most popular home improvement, with almost two thirds of home improvers (64%) choosing to revamp their homes with a new coat of paint and wallpaper. In second place came garden improvements (39%), followed by new furnishings (26%), new carpets (20%) and a new bathroom (18%).
The main motivations behind all of the home improvements carried out was to improve the look and design of the house (44%) or update and modernise (38%). Interestingly, more than one in ten respondents (13%) has added space to their property within the last 12 months, or plans to do so within the next year.
An extension was the most popular choice amongst one third of respondents (33%), followed by a conservatory (31%) and a loft conversion (28%). Adding space is most popular amongst those from London and Wales (20% each), those aged between 25 to 34 years of age (22%) and those who have lived in a property for less than a year (24%).
The motivation behind the space adding improvements was to increase people's standard of living (42%) and lifestyle (29%) in their current home. In fact, over three quarters (76%) of respondents adding space intend to stay in their property and have no plans to move within the next two years.
The average amount spent on home improvements (not including adding space) over the last 12 months was £5,300. The spending on home improvements was highest (£8,100) amongst those people that have lived in their house between one and two years, people who live on their own (£6,800) and amongst those who intend to stay in the property for more than 2 years (£5,740).
Out of the top five most popular home improvements, a new bathroom had the highest average spend at £3,000, whereas garden improvements had the lowest at £860.
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