Guess How Much We Spent on Our Home Renovations in 2018?
The 2019 UK Houzz & Home report reveals how much we’re spending on renovating, how we’re paying for it, and more
How much do you think a typical homeowner spent on home renovation projects in 2018: £5k? £25k? £70k? Have a guess…
According to the 2019 UK Houzz & Home Renovation Trends Study, the figure is £18,000, which is more than we spent on renovating in either of the previous two years. Find out what we were spending on and where we found the funds to do it. Read, too, about what we planned to spend on our homes in 2019 – and let us know all about your projects in the Comments section.
According to the 2019 UK Houzz & Home Renovation Trends Study, the figure is £18,000, which is more than we spent on renovating in either of the previous two years. Find out what we were spending on and where we found the funds to do it. Read, too, about what we planned to spend on our homes in 2019 – and let us know all about your projects in the Comments section.
The annual Houzz & Home report is the UK’s largest survey of residential renovating, building and decorating activity.
The UK study was fielded between 3 and 30 April 2019 and collected responses from more than 7,700 UK Houzz users, including around 3,800 who renovated their primary homes in 2018. Here’s what they told us about their spending on renovation.
The UK study was fielded between 3 and 30 April 2019 and collected responses from more than 7,700 UK Houzz users, including around 3,800 who renovated their primary homes in 2018. Here’s what they told us about their spending on renovation.
Most of us spent more on renovating in 2018 than in 2017 or 2016
As you can see from these charts, our spending on renovation was up last year by £3,000 (or 20%) from the previous two years for the typical renovating homeowner. The median spend* in 2018 by renovating homeowners on all home renovation projects that year was £18,000, up from £15,000.
Perhaps unsurprisingly, the biggest spending jump happened in the 45-74 age group.
* Economists consider the median (middle value) a more useful measure than the average, because the latter can be skewed upwards in a misleading manner by one-off projects that cost a lot more than others.
As you can see from these charts, our spending on renovation was up last year by £3,000 (or 20%) from the previous two years for the typical renovating homeowner. The median spend* in 2018 by renovating homeowners on all home renovation projects that year was £18,000, up from £15,000.
Perhaps unsurprisingly, the biggest spending jump happened in the 45-74 age group.
* Economists consider the median (middle value) a more useful measure than the average, because the latter can be skewed upwards in a misleading manner by one-off projects that cost a lot more than others.
Big spenders also spent more
Outside of the just-mentioned rise, which covers the typical homeowner, the top 10% of spenders invested slightly more in 2018, too. Renovation spending among this group rose from £100,000 in both 2016 and 2017 to £125,000 in 2018, a jump of 25% for this elite group.
Outside of the just-mentioned rise, which covers the typical homeowner, the top 10% of spenders invested slightly more in 2018, too. Renovation spending among this group rose from £100,000 in both 2016 and 2017 to £125,000 in 2018, a jump of 25% for this elite group.
Kitchens and bathrooms still dominate
Much of the money we’re spending is going on kitchens and bathrooms. Kitchens were one of the most popular and expensive rooms to renovate in 2018.
Much of the money we’re spending is going on kitchens and bathrooms. Kitchens were one of the most popular and expensive rooms to renovate in 2018.
In fact, financial investment in a typical (median) kitchen renovation grew by 11% in 2018, from £9,000 to £10,000, as reported by homeowners who renovated these interior spaces in their primary homes.
As you can see, median spend on bathroom renovations also grew, this time by 9% to £4,350, in 2018.
Make the challenge of finding the right people for your project easier by searching the Houzz Professionals Directory.
Make the challenge of finding the right people for your project easier by searching the Houzz Professionals Directory.
Most of us dip into savings to pay for renovations
Savings and cash are by far the primary methods for paying for home renovations, chosen by 80% of renovating homeowners in our survey. Interestingly, this figure soars above those for homeowners paying for their renovations using money from the sale of a previous property (16%) or remortgaging (14%).
The charts here show the frequency of the top five funding sources for home renovations, overall and by age, as reported by homeowners who renovated their primary homes in 2018.
Savings and cash are by far the primary methods for paying for home renovations, chosen by 80% of renovating homeowners in our survey. Interestingly, this figure soars above those for homeowners paying for their renovations using money from the sale of a previous property (16%) or remortgaging (14%).
The charts here show the frequency of the top five funding sources for home renovations, overall and by age, as reported by homeowners who renovated their primary homes in 2018.
Decorating was big this year
This is what Houzz users predicted we’d be spending our money on in 2019 (in relation to primary homes).
With just a weeny six and four percent of us respectively planning to sell or buy homes in 2019, the majority of us were set to improve the ones we were already in.
And the money was earmarked for fun stuff – just 28% of us had home repairs on our to-do lists. At the top of the table, meanwhile, 57% of us reported we were planning to splash our cash in 2019 on decorating and furnishing our spaces. This was closely followed by 46% of us saying we’d be going further and renovating our homes.
This is what Houzz users predicted we’d be spending our money on in 2019 (in relation to primary homes).
With just a weeny six and four percent of us respectively planning to sell or buy homes in 2019, the majority of us were set to improve the ones we were already in.
And the money was earmarked for fun stuff – just 28% of us had home repairs on our to-do lists. At the top of the table, meanwhile, 57% of us reported we were planning to splash our cash in 2019 on decorating and furnishing our spaces. This was closely followed by 46% of us saying we’d be going further and renovating our homes.
Tell us…
We’d love to hear about your completed projects this year and what you’re planning to renovate or redecorate in 2020. Let us know in the Comments section.
We’d love to hear about your completed projects this year and what you’re planning to renovate or redecorate in 2020. Let us know in the Comments section.
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