On Air Now The Bald Builders Breakfast 6:00am - 9:00am Email
Now Playing Sweet Home Alabama Lynyrd Skynyrd

Home improvement boom incoming, new report finds

Posted: Friday, June 14th, 2024

New research reveals homeowners are planning kitchen and bathroom renovations, decorating, and external works in the next year, offering the industry an opportunity to capitalise on new business.

Research shows that a third of UK homeowners are prioritising home improvements over making plans to move.

On top of this, one in ten people who need or want to move – but can’t due to the costs and challenges associated with buying and selling – are putting their plans on hold to improve their current home.

According to Häfele UK, which has shared the findings in its new Homes for Living report, the home improvements topping the nation’s wish list are interior decorating (29%), new kitchens (23%), bathroom renovations (21%), flooring updates (21%) and new doors (15%).

Other planned projects include external works such as roofing, gutters, and external paintwork (14%), new windows (14%), building a downstairs toilet (11%), installing a new boiler (10%) and adding new lighting (9%).

For cost-conscious consumers, ‘part grading’ provides the opportunity to create improvements at a lower price point.

In the research, over a third of homeowners who want or need a new kitchen said they’re considering replacing just some of the components, with over a fifth saying they would keep existing cabinets and drawers and replace the frontals.

Over a third of respondents said they'd keep up with colour and style trends by updating their accessories, including taps, handles, and splashbacks.

When it comes to the motives behind changing their kitchens, homeowners said updating the style is most important (25%), closely followed by improving the quality of their space (23%). This highlights the need for a high standard of manufacturing and installation.

Challenges with their current kitchens – such as not having enough storage (19%) or being functional enough (13%) – were also top drivers making consumers plan for a refurb, presenting a clear opportunity for designers and retailers.

Other reasons homeowners are conducting home improvements are to increase the value of their property (16%) and to improve energy efficiency (13%).

Wales (58%) and Yorkshire and Humber (48%) are the areas in the UK most likely to make home improvements in the next year.

Northern Ireland (32%) is the least likely, though a third of homeowners still have it on their agenda.

Trending Stories

Comments

Add a comment

Log in to the club or enter your details below.
Listen Live Listen