Home owners in the UK have spent an average of £1,875 each on improving their property over the last five years with redecorating, garden landscaping and new flooring the most popular, new research has found.
That means that collectively some £40 billion has been spent over the last five years on home improvements with the aim of adding value to homes, according to the research from the National Association of Estate Agents (NAEA).
Some 73% have spent money on redecorating at an average cost of £889, while 54% spent an average of £794 on garden landscaping and 39% some £1,002 on new flooring. The next most popular improvement was a new bathroom, with 31% spending an average of £2,719.
The costliest improvement is a new kitchen with 27% spending an average of £5,016 while a conservatory costs £4,310 with just 11% of home owners opting for adding one to their home. New windows are also a costly improvement with an average spend of £2,543 by 25% of home owners.
The least popular improvement is adding a Jacuzzi or hot tub with just 5% of owners doing so while just 6% went for a swimming pool, a garage or a wet room and 7% for a gym. Some 8% added a walk in wardrobe and the same number added a basement or loft extension.
The research found that for 61% of owners who carried out improvement the aim was to make their property look better while 25% said they regarded it as a good investment that would add value.
Some 24% bought a property that needed work with the intention of making improvements, whereas 13% said they undertook work to create more space.
Looking ahead some 39% want to redecorate in the future and 28% have dreams of adding a new kitchen. Just 6% want to build a home gym and the same number aspire to have a home cinema while 4% would like to have a swimming pool.
‘There are many reasons why home owners are improving their property, whether it’s because they have realised the value and sale potential it can add, or they cannot afford to move and are looking to make the most of what they’ve already got,’ said Mark Hayward, NAEA chief executive.
‘Your house will almost certainly be more attractive to buyers with some general sprucing up and cleaning, and improvements that create a sense of space, privacy and give a great first impression will increase sale ability,’ he pointed out.
‘If you’re making improvements to add value to your home, it’s important to not over personalise the décor so it appeals to future buyers, and will allow them to adapt the property to fit their own needs,’ he added.
