The world has changed at an unimaginable pace over the last two years and 2020 was the year no one expected. With people confined to their homes and spending more time indoors, Britons spent billions of pounds on home improvements during the pandemic, as we discovered a new meaning to our homes. As working from home became a more prominent aspect of our lives and we had to ‘accept’ our living circumstances, British households were prompted to re-evaluate their housing needs. As a result of this, exclusive data from Powered Now shows that British consumers spent £110.3b ($156bn) on home improvements during the pandemic, an increase of nearly 30% year-on-year. With a huge increase in property sales before the end of the stamp duty holiday, as well as this home improvement boom, it is quite evident that few homes have emerged from the pandemic as they were. But is this mindset here to stay, and will the home improvement boom continue into 2022?
The change in household prioritiesIt’s almost impossible for one home to meet a household’s needs completely as they age, grow and change - especially throughout the last few years we have lived through. During the various lockdowns, the population was forced to adapt to a new way of living and realise what really matters. The importance of having a nice home, spending time with family and appreciating what you have is becoming more and more ingrained into consumer interests across the UK. Statistics released in June 2021 show that the UK Planning Portal received 63,497 applications for planning permission in England and Wales in May 2021, up 52% compared with May 2020. Based on this previous year, this just proves how the population’s mindset shifted from do-it-yourself jobs around the house, to truly investing in the future of their properties and adding value. Despite the pandemic slowly coming to an end, the new mindsets households have developed are certainly here to stay. Certain aspects of homes which were previously not seen as essential, may now have a far greater impact when choosing whether to stay, or sell up. Some of these factors include:
Access to outdoor spaces
Are the house prices continuing to rise in 2022?Based on a strong buyer demand and a historically low level of available properties on the market, Rightmove predicts that this is going to continue pushing property prices up in 2022, rising by 5% over the next year. Although the market is not going to be as frenzied as 2021 and we are starting to see signs of a return to traditional norms, there are still record numbers of homebuyers looking right now, so the competition for property is at near-record highs.
Don’t move, improveHomeowners move for a variety of different reasons, one of the most common being that they need more space or features than their current property can provide. The individuals in this category face a dilemma over whether they’d be better off moving or improving their existing home. Despite there being pros and cons for both options, no new property is likely to tick every box. Finding a new home can be highly stressful for everyone involved, but by deciding to improve your existing house, which is already considered your family home, will allow you to make the most difference to your family with informed decisions about how you want to live there; as well as some additional value for your property. Moving might not be the best choice for everyone. Combined with the current uncertainty surrounding UK property markets and the ever-increasing costs of selling and purchasing a new home, it’s why so many households are choosing not to move, but improve.
Benefits of home renovationsWhy exactly are home renovations so popular?
- Saves the cost of moving
- Add value to your property
- Lowering energy costs