In the last five years, British homeowners have spent £48 billion carrying out home improvements, new research from the National Association of Estate Agents (NAEA) Propertymark revealed.
The organisation found that, on average, homeowners have spent £8,000 each in the past five years, carrying out projects ranging from redecorating to replacing a bathroom.
Although redecorating was named as the most popular project, with 72 per cent of those questioned stating that they’d done this, fitting new flooring was in second place.
Almost half (42 per cent) of those questioned said that they’d installed new flooring in their home at some point in the last five years. If this is something you’re considering for your next home improvement project, make sure you don’t forget about essential finishing touches like floor transition bars.
The research also looked at why we’re making changes to our homes. 55 per cent said they did so to make them look nicer, while 23 per cent said that their DIY projects were carried out with a view to adding value to the property.
NAEA Propertymark chief executive Mark Hayward commented: “Our needs are constantly changing and by investing money into our homes, we can really make the most of what we’ve got. Alternatively, improvements can add value and saleability to a home that’s going onto the market.”
A recent survey by Anglian Home Improvements, and shared by Exmouth Journal, revealed that the home improvements that add the most money to a property’s value include creating an open-plan living space, loft conversions and extensions.