Home improvements rise on the back of lockdown
Spending months cooped up at home has prompted the nation to spruce up their living space, with homeowners spending an average of more than £4,000 each on renovations since lockdown began at the end of March.
The increased time at home has led to more people spending time in the garden, so it’s no surprise that garden improvements (34%) were highest on the list, according to one study1. Gardeners World also received its highest ratings in 10 years as those at home enjoyed their outdoor space. Other popular renovation areas include the living room (23%), bedroom (22%) and kitchen (22%).
Renovate to prevent ‘Zoombarrassment’
One of the most common reasons homeowners chose to tackle DIY was to add value to their home (27%). However, four in ten (40%) said they carried out renovations due to ‘Zoombarrassment’ over the appearance of their property. Around one in four (24%) respondents said they had used money set aside for a holiday to help pay for home improvements, while a further 26% said they had dipped into their savings pot.
1Money.co.uk, Aug 2020
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.