The Average Amount Spent On A Home Renovation In The UK
Home renovation is an attractive investment for many. It can add considerably to the value of a property, while making it more pleasant to live in. On top of this, the type of renovation can be customised entirely to the needs of the occupier.
How much is being spent?
The average spend on renovation in 2019 was £11,000. This represented a decline from £18,000 the previous year. This decline was evenly spread across the generations.
How long does a renovation take?
Construction times vary considerably, between just under two and just over thirteen months. That isn’t taking into account the planning stage, which could be anywhere from five to thirteen months. Of all the rooms in the home, the kitchen tends to take the most time in the planning stages, at around ten months per project.
Do people stick to their budgets?
In 2019, people were better at sticking to their budgets than they were in 2017. 51% were within 5% of their target price, compared with 48% of their counterparts in 2017. 29% were over budget by less than 25%.
Due to this, it’s often worth the up-front cost of surveying and other groundwork, as it’ll help you to understand exactly what problems might be thrown up during a renovation.
Where are people’s priorities?
When it comes to priorities, we see an even split between the bedroom, bathroom, kitchen and living room. The first two sit at 29% each, while the latter two sit at 27% and 26% respectively.