The 2024 UK Houzz & Home Renovation Trends Report offers valuable insights into industry and consumer activity. Over the past three years, renovation expenditure has surged in the UK, with spending rising by 13% from £15,000 in 2020 to £17,000 in 2023. The top 90th percentile of spenders has also doubled to £200,000, up from £100,000 in 2020. Although renovation activity remains steady, with 48% of home-owners undertaking a renovation project in 2023, this represents a slight decline from the previous year.
Photo: Dreamstime.com
Almost all home-owners undertaking renovations in 2023 (93%) sought assistance from a home professional, with speciality service providers such as electricians (59%) and plumbers (52%) being the most commonly hired.
Cash remains the preferred payment method
The majority of renovation projects were funded through cash savings (86%), followed by credit cards and proceeds from a previous home sale (18% each). Credit card usage saw a notable increase in 2023, rising by 7 percentage points compared to 2022 (10% in 2022).
Bathroom renovations lead in project activity
Bathrooms continue to be the most popularly renovated interior space (29%), closely followed by kitchens and living rooms (26% each). Following a significant increase in median spend for bath and kitchen projects last year, these renovations saw further increases of 39% and 16% respectively, reaching £7,300 for bathrooms and £15,100 for kitchens in 2023.
Outdoor projects regain popularity
After a temporary decline, outdoor project activity rebounded in 2023, rising by 17 percentage points (51%, compared to 34% in 2022). Outdoor lighting emerged as the most frequently updated outdoor feature (28%), followed by security systems (15%), as home-owners installed cameras and sensors around their properties.
Source: www.houzz.co.uk