Property renovation activity drops from last year

UK property market

Nearly all renovating homeowners enlisted the help of a home professional in 2023

While renovation activity remains consistent with 48% of homeowners having taken on a renovation project in 2023, this is down a percentage point from last year.

Gen X-ers (aged 40 to 55) spent the most on renovation projects for the second successive year, with their median spend at £22,000, compared with Millennials and Baby Boomers at £15,000 and £16,000, respectively.

The top 10% of spenders in these groups allocated substantial budgets, with Gen Xers at £200,000 and Baby Boomers at £180,000. While Gen X leads in spend, Baby Boomers continue to drive renovation activity (54%), followed by Xers (34%) and Millennials (12%).

Despite economic headwinds, investment in home renovations continued in 2023. Gen Xers, in particular, continued to lead the charge in spending, says Marine Sargsyan, Houzz staff economist.

As homeowners finally had the means to upgrade their spaces, the reliance on professional help stayed strong. Looking ahead, around half of homeowners are now planning renovations, highlighting a strong enthusiasm for enhancing living spaces, Sargsyan said.

Along with this substantial investment, nearly all renovating homeowners enlisted the help of a home professional in 2023 (93%), with specialty service providers like electricians (59%), and plumbers (52%), hired most frequently.

Investors are also taking the time to both plan and save for their projects. Renovation planning is typically double the time the actual construction takes. Plus, “finally having the financial means” is the project catalyst for over a third of renovating decisions.

Investors consistently undertake multiple renovation projects simultaneously. Renovating homeowners on average target around three interior room upgrades and two or more outdoor projects during their renovations.

Following a brief decline, outdoor project activity increased 17 percentage points in 2023 (51%, compared with 34% in 2022). Outdoor lighting is the most commonly updated outdoor system (28%). Security systems follow (15%, up nearly two percentage points from last year), as homeowners install cameras and sensors around their properties.

The annual Houzz & Home Study is the largest survey of residential renovating, building and decorating activity published.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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