Half of homeowners 'to spend over £6,500 each' on home improvements in 2021

Abigail Fenton
·Writer
·2 min read
Decorating is the most common home improvement Brits will make in 2021. (Roselyn Tirado/Unsplash)
Decorating is the most common home improvement Brits will make in 2021. Photo: Roselyn Tirado/Unsplash

More than half of UK homeowners will spend over £6,000 ($7,904) each on home improvements in 2020, research suggests.

About 53% of homeowners told Attic Self Storage they plan to make improvements to their property next year, with the average spend coming to £6,531 per household.

Nearly seven in 10 (69%) of these plan to redecorate, making this the “top” home improvement, the survey of 2,000 found,

Two in five (43%) are looking to upgrade their garden and outside areas, while 34% are planning to buy new furniture, the survey of 2,000 found.

READ MORE: Coronavirus — Brits 'paying off extra' on mortgage payments in lockdown

Meanwhile, a third are planning to add onto their home, by extending or building either an outhouse (18%) or a work hub (14%).

The study also found that only a fifth of homeowners are looking to take advantage of the stamp duty holiday, with 61% believing it’s a bad time to sell their property.

Safety is the most common reason not to sell, with more than two in three (43%) homeowners expressing concerns about this issue.

However, 35% said that property viewings are “too challenging” with COVID-19 restrictions. Meanwhile, 29% think the market is too confusing, and 16% believe they would lose too much money on their current home.

READ MORE: 'Seven in 10 Brits' think stamp duty holiday should be extended

Moreover, nearly a fifth (18%) said they are put off by banks not lending like before. Three in 10 (29%) think the market is too confusing, and 16% think they would lose too much money on their current property.

Perhaps unsurprisingly, space is the top obstacle for both movers and improvers. Nearly half (46%) of prospective sellers said wanting more space is their reason for moving.

A third of improvers are planning on creating more space by reworking a room, while over a fifth (22%) will attempt to create more storage space.

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