Home renovation activity and spend have reached the highest rates reported since 2018, according to the annual Houzz & Home survey of more than 3,200 UK respondents from home renovation and design platform Houzz. More than half of homeowners renovated their homes in 2021 (53%), up from 49% in 2020. Homeowners recorded a 20% jump in median renovation spend at £18,000 from £15,000 in 2020. This growth can be attributed to homeowners with higher budget projects (the top 10% of spend) increasing their investment from £100,000 in 2020 to £128,000 in 2021.
Investments in interior rooms remained the priority for 3 in 4 renovating homeowners in 2021 (75%). Kitchens are both the most popular interior room to be upgraded and the room that commanded the highest spend at £12,000. Kitchens saw an increase in spend of 20% compared with 2019 (£10,000). Interior rooms that saw the most dramatic increase in popularity from the previous year included an entrance or boot room (26%), dining rooms (25%), utility rooms (20%) and home offices (18%).
According to the report, home renovation activity is continuing into 2022, with nearly half of the surveyed homeowners planning to renovate (49%) and more than half planning to decorate (55%) this year. Homeowners’ planned spend sits at a record high, increasing to £10,000 for 2022 versus £7,000 for 2019 – a 43% jump. Homeowners with higher-budget renovations (the top 10% of spend) are planning to spend £100,000 on projects in 2022.
“Homeowners are clearly committed to investing in their homes despite heightened product and material costs driven by supply chain disruptions, and are exploring diverse funding sources. This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects and spend significantly more than the national median,” said Marine Sargsyan, Houzz staff economist.