With 2018 coming to an end, we thought you might like to know what’s been happening in the property renovation world…Houzz has an interesting write-up on the 2017/ 2018 trends in renovations.
Findings from a survey of 7,194 UK homeowners on Houzz about their home renovations in 2017 and plans for 2018.
HOME RENOVATION BOOM CONTINUES: 2018 is on track to be another solid year for home renovations, with almost half of homeowners planning to renovate their home (47%). Renovation activity and spend was strong in 2017, with 57% of homeowners renovating their homes, at a median spend of £15,000. Repeat homebuyers spend twice the amount of long-term homeowners and first-time homebuyers.
BATHROOMS AND BEDROOMS LEAD ACTIVITIES AND SPEND: Bathrooms topped the list of interior refurbishments for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling bathrooms (29%), followed by bedrooms, kitchens and living rooms (29%, 28% and 27%, respectively). First-time and repeat homebuyers are more likely to take on kitchen renovations than long-term homeowners (34% and 31%, respectively, versus 26% of long-term homeowners). Kitchens were also the most expensive room to renovate, with a median spend of £11,000 for a large kitchen (more than 100 square feet), followed by large bathrooms (more than 50 square feet) at a median spend of £5,000.
MORE DELIBERATE PLANNING AND BUDGETING: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were eight percent more likely to set a budget in 2017 than in 2015 (79% and 71%, respectively).
CASH REMAINS KING: When it comes to funding renovations, cash continues to be the most popular form of payment (88%), though more than 10 percent of renovating homeowners use credit cards (15%). First-time homebuyers are more likely to finance their home projects with credit cards (18%) as compared with repeat homebuyers and long-term homeowners (15% and 16%).
If Home Renovation is on your agenda, do give us a call on 0208 191 7595 or email us at firstname.lastname@example.org. We’d be happy to give you a FREE no-obligation quote. We can look after all aspects of your build including sourcing the right architect, structural engineer and interior designer for you and of course making your vision a reality.