Four in 10 Brits renovated their homes in the past year, according to new research from Legal & General (L&G).
Nearly half (48%) of homeowners planned to stay in their homes long-term, with just 9% expecting to move soon.
Painting and decorating was the most common upgrade at 54%, followed by bathroom improvements at 39% and kitchen remodels at 35%.
Additionally, L&G found buying a new property was a trigger for nearly half of respondents, while 37% of 25 to 34-year-olds started renovations due to “having a baby or growing a family.”
Homeowners in Norwich and Bristol were the most likely to have renovated, at 52% and 51% respectively.
Most homeowners paid for renovations from savings.
L&G found 77% used their own funds, while 23% used credit cards.
Among those aged 25 to 34, credit card use rose to 38%.
The average spend was £11,731 on a kitchen remodel, £9,037 on a bathroom, and £21,520 for a double-storey extension, rising to £14,103 for kitchens in Wales.
Only 16% said financial pressures would make them delay or cancel future work.
L&G’s Home Finance data showed half of equity release customers now used property wealth for renovations.
More older homeowners were choosing equity release and remortgaging to fund their projects.
L&G also found 23% struggled to stick to a budget, 25% found the disruption stressful, and 36% reported some relationship tension.
Most homeowners, 76%, said their wellbeing improved after completing work.
The biggest improvement was among young adults and London residents, both at 87%.
Looking ahead, 41% said they would be open to renovating again, with the highest interest in Yorkshire and the Humber.
Over a quarter (27%) said they were excited to take on new projects.
