Money.co.uk: UK homeowners spend £55bn on renovations during lockdown

British homeowners have spent a total of £55bn and an average of £4,035.70 each on renovations as they expect to stay home for the long-term, research from money.co.uk has found.

The 2020 Renovation Nation Report from the mortgage comparison site found that garden upgrades (34%) top a list for the most popular lockdown renovation projects.

This is closely followed by work on the living room (23%), bedroom (22%) and kitchen (22%).

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Almost a quarter (24%) stated they have used money originally intended for a holiday to finance their new home improvements, which is second only to general savings (26%).

Some even admitted to sacrificing their ‘big day’ as 4% of Brits revealed they used savings originally intended for a wedding or engagement ring.

When asked why they chose to invest in their home, over a quarter (27%) of homeowners cited adding value to their home as a reason. Zoom has also played its part.

Approaching half (40%) of British homeowners admitted to ‘Zoombarrassement’ over the appearance of their homes.

Salman Haqqi, personal finance expert at money.co.uk, said: “While many have struggled with the impact of lockdown restriction on their finances, our research found that having to spend more time at home has inspired almost two-thirds (65%) of homeowners to invest in renovations to their properties.

“Almost three quarters (73%) of the property owners we spoke to said they will continue to stay home as much as possible even with lockdown easing, it looks like the trend for investing in homes looks set to continue.

“For those looking to renovate or improve their homes, they will need to balance short term wishes with long term gain. The financial impact of investing in your home should always be a concern and ensuring you add value to your home through the work you do to the property is essential.”