UK’s HOME IMPROVERS SET TO SPEND £50.89 BILLION AS BREXIT FAILS TO DAMPEN CONFIDENCE
Nearly six in ten (59%) of the UK’s homeowners are planning to carry out home improvements worth £50.89bn¹ over the next six months – contradicting recent reports of weakened consumer confidence – according to new research by leading roof window manufacturer VELUX®.
The VELUX® 2017 Home Improvement survey, released to coincide with Home Improvement Month in April, shows that the number of property owners planning home improvement projects has increased by 12 per cent on this time last year.
Contrary to many recent reports suggesting a weakening of consumer confidence in the shadow of Brexit, the UK’s home improvers are willing to invest to create their dream home, with a planned average spend of £4,870 over the next six months. One in six home improvers (16%) are planning to spend over £10,000 on their proposed projects.
According to the findings, the rationale for home improvement is more emotional than rational. Over a third of home owners (34%) who are planning to improve their property over the next six months are doing so because they love their home and the area they live in and don’t want to move. By comparison, a quarter (26%) are improving their home to add value to the property.
This ‘home sweet home’ philosophy is also front of mind for a quarter of home improvers (24%), whose main reason for home improvement is one of self-satisfaction, simply to make them feel good about themselves. As a key reason for home improvement, it is only marginally behind adding value.
The main focus of home improvement plans is cosmetic with 71 per cent planning to paint and decorate. However, a quarter (26%) are investing in flooring and lighting, followed by a new kitchen or bathroom (24%) and replacement windows (13%). In London, where space is at more of a premium than elsewhere in the UK, 14 per cent of home improvers are planning an extension compared to just one percent of home improvers in Wales and Scotland.
Grant Sneddon, product manager from VELUX® said: “Despite widespread reports of weakened consumer and business confidence, our comprehensive research underlines a clear intention from homeowners to continue investing in their homes.
“What’s perhaps more interesting is that homeowners are spending out of a personal preference of creating their dream homes, just as much as those who are spending to invest in the future value of their property.
“Whether it’s by creating an extra room, converting a loft, building an extension or replacing a kitchen or bathroom, it appears that home owners up and down the county are realising the potential of their homes and choosing to improve or to add to the space they have, instead of moving to a different property.”
UK based interior design blogger and stylist, Hege Morris of Hege in France, said: “The internet has helped to inspire millions of people to realise the potential of their house and have the courage to create their own dream homes.
“Many homeowners now look beyond the functional use of their home to create spaces which mean more to them. For some, this means creating a personal sanctuary where they can escape from the rigours of everyday life, manage a home-run business or pursue a hobby.
“For others, particularly those with families, we’re seeing the continued growth of large, light and bright, open living spaces, where they can spend more quality time together.”
For further information:
Julie Watt or Ally Dewar
e: jwatt@webershandwick.com / adewar@webershandwick.com
t: 0131 556 6649
Notes to editors:
¹ Calculation based on most recent estimate of 17.712 million homeowners (ONS, 2014). (59% of 17.712m) x £4870 = £50.89bn.
About VELUX:
The VELUX® 2017 Home Improvement survey, released to coincide with Home Improvement Month in April, shows that the number of property owners planning home improvement projects has increased by 12 per cent on this time last year.
Contrary to many recent reports suggesting a weakening of consumer confidence in the shadow of Brexit, the UK’s home improvers are willing to invest to create their dream home, with a planned average spend of £4,870 over the next six months. One in six home improvers (16%) are planning to spend over £10,000 on their proposed projects.
According to the findings, the rationale for home improvement is more emotional than rational. Over a third of home owners (34%) who are planning to improve their property over the next six months are doing so because they love their home and the area they live in and don’t want to move. By comparison, a quarter (26%) are improving their home to add value to the property.
This ‘home sweet home’ philosophy is also front of mind for a quarter of home improvers (24%), whose main reason for home improvement is one of self-satisfaction, simply to make them feel good about themselves. As a key reason for home improvement, it is only marginally behind adding value.
The main focus of home improvement plans is cosmetic with 71 per cent planning to paint and decorate. However, a quarter (26%) are investing in flooring and lighting, followed by a new kitchen or bathroom (24%) and replacement windows (13%). In London, where space is at more of a premium than elsewhere in the UK, 14 per cent of home improvers are planning an extension compared to just one percent of home improvers in Wales and Scotland.
Grant Sneddon, product manager from VELUX® said: “Despite widespread reports of weakened consumer and business confidence, our comprehensive research underlines a clear intention from homeowners to continue investing in their homes.
“What’s perhaps more interesting is that homeowners are spending out of a personal preference of creating their dream homes, just as much as those who are spending to invest in the future value of their property.
“Whether it’s by creating an extra room, converting a loft, building an extension or replacing a kitchen or bathroom, it appears that home owners up and down the county are realising the potential of their homes and choosing to improve or to add to the space they have, instead of moving to a different property.”
UK based interior design blogger and stylist, Hege Morris of Hege in France, said: “The internet has helped to inspire millions of people to realise the potential of their house and have the courage to create their own dream homes.
“Many homeowners now look beyond the functional use of their home to create spaces which mean more to them. For some, this means creating a personal sanctuary where they can escape from the rigours of everyday life, manage a home-run business or pursue a hobby.
“For others, particularly those with families, we’re seeing the continued growth of large, light and bright, open living spaces, where they can spend more quality time together.”
For further information:
Julie Watt or Ally Dewar
e: jwatt@webershandwick.com / adewar@webershandwick.com
t: 0131 556 6649
Notes to editors:
¹ Calculation based on most recent estimate of 17.712 million homeowners (ONS, 2014). (59% of 17.712m) x £4870 = £50.89bn.
- Research carried out by OnePoll between 22 March and 28 March 2017 surveying 2000 UK homeowners who are planning to carry out home improvements in the next six months respectively.
- VELUX roof windows let in twice the amount of daylight to an extension as vertical windows of the same size – taken from VELUX publication, Daylight, Energy and Indoor Climate - Basic Book, Version 3.0 – 2014.
About VELUX:
- VELUX is a global company founded on a vision of daylight, fresh air and quality of life – and these benefits are enjoyed in millions of homes around the world.
- VELUX is one of the strongest brands in the global building materials industry with over 75 years’ experience of creating better living and working environments with natural daylight and fresh air through the roof.
- VELUX offers a wide range of roof windows, skylights, flat roof solutions, sun tunnels, blinds and roller shutters, home automation, solar energy systems and accessories. VELUX Technology also supplies original VELUX components to our partners working in the field of roof window sunscreening.
- Quality is a major priority at VELUX and we devote extensive resources to quality control and market testing to ensure that our products meet all quality requirements.