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Blog August 13, 2020
     

Homeowners happy to splash the cash on renovations during lockdown

According to the latest industry research, UK homeowners typically spent just over £4,000 on renovations to their property since the lockdown began in March.

The Renovation Nation Report from Money.co.uk revealed that garden upgrades were the most popular project with 34 per cent of respondents renovating their outdoor space, followed by the living room (23 per cent), bedroom (22 per cent) and kitchen (22 per cent).

Almost three quarters (73 per cent) of the property owners who responded said they will continue to stay home as much as possible even with lockdown easing, meaning the trend for investing in homes looks set to continue.

Just under a quarter of respondents (24 per cent) said they had used money that was originally intended to finance a holiday for their new home improvements, second only to general savings.

Salman Haqqi, a personal finance expert at money.co.uk, said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds (65%) of homeowners to invest in renovations to their properties.

“For those looking to renovate or improve their homes, they will need to balance short term wishes with long term gain. The financial impact of investing in your home should always be a concern and ensuring you add value to your home through the work you do to the property is essential.”

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