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2020 UK Houzz & Home Renovation Trends Study

 

GEN Xers DRIVE HOME RENOVATIONS: More than half of homeowners reported a renovating project in 2019 (51%), tackling nearly three interior rooms on average. Gen Xers (ages 40-54) accounted for two in five renovating homeowners in 2019 (42%). Baby Boomers (ages 55-74) and Millennials (ages 25-39) follow in renovation activity with 37% and 19% of home renovators, respectively.
 
HOME RENOVATION SPEND: Median spend declined to £11,000 in 2019 from £18,000 in 2018. Baby Boomers and Gen Xers offset some of this decline with the highest median renovation spend in 2019 at £12,000, each. Millennials followed, with a median spend of £10,000.
 
RENOVATION MOTIVATIONS: Home renovators were most commonly motivated to pursue a project because they wanted to do it all along and finally have the time and financial means (37%, each). Gen Xers were more likely to pursue a project because they’ve wanted to do it all along and finally have the financial means than because they wanted to customise a recently purchased home (41% versus 26%, respectively). Home purchases more commonly motivated Millennials (50%).
 
PLANNING TAKES TIME: Planning for a home renovation project took between 5.7 and 12.9 months on average for different types of projects, whereas construction took between 1.9 and 13.4 months. Kitchens require lengthy planning, averaging 10 months.
 
Research Note: The Houzz & Home study was fielded between February and March 2020. At the time, planned activity for the year remained consistent with the previous year, however, the impact of the coronavirus pandemic on planned renovation activity remains to be seen.
 

 

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