£50 BILLION SPENT ON HOME IMPROVEMENTS IN LAST 12 MONTHS DESPITE COST OF LIVING
Posted by: electime 14th February 2023
2022 saw us spend more on our homes, averaging £3,375 – an increase of £669 year on year according to Checkatrade’s latest Home Pride Index report- More money spent on the kitchen, but loft installation saw the biggest growth in investment (+432 per cent)
- Fixing wear and tear (30 per cent) and adding energy efficient measures (23 per cent) were amongst the top reasons for spending money on our homes
- Newcastle, Southampton and Glasgow revealed to be the most house-proud cities across the UK
British homeowners have refused to sacrifice home improvements, spending a collective £50.6 billion in the last 12 months according to Checkatrade’s annual Home Pride Index.
Despite the tumultuous year, our love for our homes remained, with over half of homeowners (55 per cent) polled proud of their home in comparison to 49 per cent 12 months ago – a sign of how the current cost of living environment is making us appreciate what we have more than ever before.
In the latest Home Pride Index, Checkatrade explores how we continued to shake off lockdown living and embraced a hybrid work lifestyle. While the economic uncertainty saw us invest in smaller, affordable ways such as painting walls and ceilings (29 per cent) and getting new soft furnishings (26 per cent) to freshen up our spaces.
Home investment
In a year that saw rising mortgage costs and the highest inflation rate in 30 years, turning our attentions to improving our homes seemed more appealing than ever.
However, increased prices of raw materials, supply chain delays and shortage of available tradespeople also meant that homeowners were spending more on projects than previously.
Overall, homeowners around the country spent on average £3,375 on home improvements – £669 more than in 2021. This rises to £5,940 for homeowners from Glasgow.
Improving or renovating the kitchen saw homeowners spend on average £1,106 which was more than any other room. However, it was loft installations which saw the biggest spike in investment compared to 2021 with an increase of 432 per cent.
Top reasons for doing work to the home include spending more time there, wanting to improve surroundings (32 per cent), fixing wear and tear (30 per cent) and being more efficient in response to the energy crisis (23 per cent).
Mike Fairman, CEO at Checkatrade said: “Homeowners are more resilient than ever, not letting the cost-of-living deter them from home improvement projects. With the current uncertainty of the housing market, increased investments in spaces like lofts suggest homeowners are looking to make the most of what they have versus selling up and purchasing another property, and are seeking support from experienced tradespeople to help.”
Elevating the everyday
But even though Brits invested more in their homes in the past year, over six in ten (61 per cent) admitted they spent less money on their home than they would have liked because of the cost-of-living crisis.
They instead pivoted to smaller, more affordable changes to refresh their living spaces, including painting walls and ceilings (29 per cent), redecorating the living room (26 per cent) and getting new soft furnishings (26 per cent).
Most popular changes made at home in 2022
- Painting walls / ceilings – 29 per cent
- Redecorated the living room – 26 per cent
- New cushions and soft furnishings – 26 per cent
- Redecorated a bedroom – 24 per cent
- Repainting the shed / fencing – 23 per cent
- Gave the bathroom a makeover – 22 per cent
- Purchased new furniture – 22 per cent
- Revamping the garden – 22 per cent
- Installed new windows – 21 per cent
- Building flatpack furniture – 21 per cent
House proud nation
Homeowners from Newcastle, Southampton and Glasgow are the most house proud than any other city4 – with Leeds coming in last.
The Scottish city also spent the most time tidying their property – five hours and 43 minutes each week – and used the most tradespeople with a total of seven.
Newcastle took the lead for having the lowest number of unfinished DIY jobs in their home compared to the previous year.
London moved from being the second most house-proud city in 2021 to sixth position in 2022, while Brighton and Hove, which was previously in joint seventh place with Southampton, fell to fifteenth.
Mike Fairman, CEO at Checkatrade adds: ‘’It’s indisputable that a house is more than a home, and the nation’s pride in where they live remains despite the numerous challenges faced over the year. Whether it’s injecting colour into the living room, undertaking a loft conversion or reducing its carbon footprint, taking care of your home can help your home take care of you. The nation’s growing focus on making smaller, everyday changes to give spaces a refresh is set to continue throughout 2023 and we cannot wait to see what new (and old) trends this year brings.’’
For tips, information and cost guides on your next home improvement or to find an expert tradesperson in your local area Checkatrade.com. To view Checkatrade’s Home Pride Index, visit the Checkatrade blog here.
