British homeowners are due to spend £50 billion on improving their homes over the next 12 months according to (you guessed it…) a leading home improvement company.
Everest, which specialises in doors, double glazing and conservatories, says its research indicates that an an average of £2,831 will be spent across an estimated 18 million homes on renovating, decorating and insulation.
That could be great news for an industry that’s badly in need of a boost after a tough few months.
Everest says the predicted home improvement boom is being driven by people wanting to modernise their property and reduce energy bills. Its research found 53 per cent of people planning renovations to update their property and 43 per cent to cut its running costs.
It says an estimated 11.9 million people will be plastering, painting, laying carpet and to the tune of £1,326 per property. A further 3.3 million people will spend an average £2,274 sprucing up their outside of their home.
Here are its top five home improvements and average spend per property:
- Decorating inside – 11.8 million (67%) spending £1,326
- Decorating outside – 3.3 million (19%) spending £2,274
- New bathroom – 2.1 million (12%) spending £4,340
- New kitchen – 1.7 million (9%) spending £7,496
- New patio – 1.4 million (8%) spending £3,713
Source: Everest Home Improvements
Duncan Bland, the company’s marketing director, said of the findings: “In times of economic uncertainty we generally see people focusing on improvements that are more likely to add value to a property, such as a lick of paint, a new kitchen or replacing drafty old windows.”