The 2024 UK Houzz & Home Study, which surveyed nearly 1,800 respondents, found that the top 90th percentile of spending also doubled to £200,000 from £100,000 in 2020.

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.

Generation X (aged 40-54) spent the most on renovation projects for the second consecutive year, with a median spend of £22,000, compared with Millennials and Baby Boomers' spending of £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 spending, Baby Boomers continue to drive renovation activity (54%), followed by Xers (34%) and Millennials (12%). 

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

Homeowners are also taking the time to plan and save for their projects. Renovation planning typically takes twice the time the actual construction takes. Plus, “finally having the financial means” is the project catalyst for more than a third of renovating homeowners. 

Considering that motivation, it’s no surprise that cash from savings remains the most common form of funding for renovation projects (86%), followed by credit cards and cash from a previous home sale (18% each). Credit card usage jumped seven percentage points in 2023 (10% in 2022). 

Multi-Room Renovations
Homeowners consistently undertake multiple renovation projects simultaneously. Renovating homeowners, on average, target nearly three interior room upgrades and two or more outdoor projects during their renovations. 

Bathrooms Lead in Project Activity
Bathrooms remain the most renovated interior room (29%), closely followed by kitchens and living rooms (26% each). Following last year’s significant jump in median spend for bath and kitchen projects, these renovations saw increases of 39% and 16%, respectively, reaching £7,300 for bathrooms and £15,100 for kitchens in 2023. 

Outdoor Projects Back in the Spotlight
Following a brief drop, outdoor project activity rose 17 percentage points in 2023 (51%, compared with 34% in 2022). Outdoor lighting is the most updated outdoor system (28%). Security systems follow (15%, up nearly 2 percentage points from last year) as homeowners install cameras and sensors around their properties.

Image credit: Design and Installation - Hobson's Choice, Darren Chung Photography