Home improvements expected to hit £50bn as Brexit fails to dampen consumer confidence

19 Apr 2017

Almost sixty per cent of homeowners in the UK are planning to carry out home improvements worth an estimated £50.89bn over the next six months, according to new research by VELUX.

Released to coincide with Home Improvement Month, figures from the VELUX 2017 Home Improvement Survey contradict recent reports of weakened consumer confidence following the EU Referendum result.

The number of property owners planning home improvements has increased by 12 per cent in compared to the same time last year, with the average home improver expected to spend around £4,870 on average.

One in six are planning to spend over £10,000 on projects.

Cosmetic vs functional improvements

According to the findings, just over a third of homeowners are planning improvements over a reluctance to move, whilst a quarter are improving their home to add value to the property.

The main focus of most improvements is cosmetic changes (71 per cent), whilst a quarter are investing in flooring and lighting, another quarter in kitchens and bathrooms, and 13 percent in replacement windows.

The report also highlights how space is a premium in London compared to the rest of the UK, with 14 per cent of home improvers planning an extension in the capital compared to just 1 per cent in Wales and Scotland.

Grant Sneddon, product manager from VELUX said: “Whether it’s by creating an extra room, converting a loft, building an extension or replacing a kitchen or bathroom, it appears that home owners up and down the county are realising the potential of their homes and choosing to improve or to add to the space they have, instead of moving to a different property.”

UK based interior design blogger and stylist, Hege Morris of Hege in France, said: “Many homeowners now look beyond the functional use of their home to create spaces which mean more to them. For some, this means creating a personal sanctuary where they can escape from the rigours of everyday life, manage a home-run business or pursue a hobby.

For others, particularly those with families, we’re seeing the continued growth of large, light and bright, open living spaces, where they can spend more quality time together.”

Contact:

Velux Co Ltd
Woodside Way
Glenrothes East
Fife
KY7 4ND

Phone: 01592 778927
Fax: 01592 771839

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