Homeowners spent £1000's on renovations during lockdown

With most of the nation stuck indoors due to lockdown restrictions, homeowners across the UK are investing in lockdown makeovers, new research reveals.

The 2020 Renovation Nation Report, by mortgage comparison site money.co.uk, has found that UK’s homeowners have invested an average of £4,035.70 each on home renovations, since the lockdown began in March. And it seems that Brits are sacrificing more than ever for their perfect pad as the prospect of more time at home becomes the new normal.

Garden upgrades (34%) top a list for the most popular lockdown renovation projects, closely followed by the living room (23%), bedroom (22%) and kitchen (22%) as together the nation’s homeowners invested £55bn* in their properties. The findings also suggest that homeowners have abandoned all hopes of a holiday.

Renovation Nation

Almost a quarter (24%) stated they have used money originally intended for a holiday to finance their new home improvements, which is second only to general savings (26%). Some even admitted to sacrificing their ‘big day’ as 4% of Brits revealed they used savings originally intended for a wedding or engagement ring.

When asked why they chose to invest in their home, over a quarter (27%) of homeowners cited adding value to their home as a reason. Zoom has also played its part. Approaching half (40%) of British homeowners admitted to ‘Zoombarrassement’ over the appearance of their homes.

Green-fingered Brits have also been turning their hand to growing their own vegetables, with just over one in five (21%) homeowners investing in a greenhouse or vegetable patch during the pandemic.

But will pandemic  renovations add value?

Salman Haqqi, personal finance expert at money.co.uk: “Almost three quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing.

“For those looking to renovate or improve their homes, they will need to balance short term wishes with long term gain. Ensuring you add value through the work you do to the property is essential.”

When asked which home project Brits would consider investing in as a direct result of the pandemic, garden projects reigned supreme:

●     Over a third (34%) said they wanted a garden summerhouse/studio

●     Over fifth (21%) are craving a greenhouse/vegetable patch

●     14% dream of raising their glass to their own pub.

Inside the home, work and leisure are on the wish list:

●     indoor gyms (17%) and bike storage (9%)

●     offices (16%)

●     leisure rooms (17%)

●     and even classrooms (2%) making the list.

As we emerge from lockdown tour priorities. have changed and specialist areas will be seen as an asset rather than a novelty. Areas such as a garden studio, leisure area or pub/bar area that add a point of difference, escapism or an improvement to well-being will be seen as a necessity. For more information on what post pandemic renovations will add value to your home and ways to finance them can be found in the 2020 Renovation Nation report here.