Yahoo Finance Half of homeowners 'to spend over £6,500 each' on home improvements in 2021
More than half of UK homeowners will spend over £6,000 ($7,904) each on home improvements in 2020, research suggests.
About 53% of homeowners told Attic Self Storage they plan to make improvements to their property next year, with the average spend coming to £6,531 per household.
Nearly seven in 10 (69%) of these plan to redecorate, making this the “top” home improvement, the survey of 2,000 found,
Two in five (43%) are looking to upgrade their garden and outside areas, while 34% are planning to buy new furniture, the survey of 2,000 found.
READ MORE: Coronavirus — Brits 'paying off extra' on mortgage payments in lockdown
Meanwhile, a third are planning to add onto their home, by extending or building either an outhouse (18%) or a work hub (14%).
The study also found that only a fifth of homeowners are looking to take advantage of the stamp duty holiday, with 61% believing it’s a bad time to sell their property.
Safety is the most common reason not to sell, with more than two in three (43%) homeowners expressing concerns about this issue.
However, 35% said that property viewings are “too challenging” with COVID-19 restrictions. Meanwhile, 29% think the market is too confusing, and 16% believe they would lose too much money on their current home.
READ MORE: 'Seven in 10 Brits' think stamp duty holiday should be extended
Moreover, nearly a fifth (18%) said they are put off by banks not lending like before. Three in 10 (29%) think the market is too confusing, and 16% think they would lose too much money on their current property.
Perhaps unsurprisingly, space is the top obstacle for both movers and improvers. Nearly half (46%) of prospective sellers said wanting more space is their reason for moving.
A third of improvers are planning on creating more space by reworking a room, while over a fifth (22%) will attempt to create more storage space.
Watch: Soothing Decorating Ideas to Make Your Home a Stress-Free Sanctuary
