Brits are becoming more and more house-proud as recent research has shown homeowners are spending a huge amount of money every year to upgrade their properties.
According to the latest findings from digital bank Zopa, Brits collectively fork out as much as £83 billion a year on home improvement projects; this equates to each adult spending over £3,000 every 12 months to make their house feel like home.
While this might not seem like a lot when spread over the whole year, it is more than double the amount typically spent on gas and electricity (£1,170) and eating out (£1,602), revealed Property Reporter.
Clare Gambardella, chief customer officer at Zopa, said: “As this research shows, lots of Brits choose to spend their money on upgrading their house so that they can be proud of the place they call home, whether that be through a lick of paint or a spring clean.”
Many people who renovate their homes do so to increase its value, with more than a third (36 per cent) believing they will get a better asking price for their home if it looks good.
One of the most popular renovation projects to undergo to boost the property’s value is replacing the windows. Indeed, 40 per cent believe upgrading the double-glazing on their Tameside house or fitting bi-fold doors to replace traditional patio ones will make a big difference in the amount they can command for the residence.
Not all homeowners regularly update the design of their house to improve their chances of selling, however, and many do it simply to look good amongst neighbours. Zopa’s findings revealed 44 per cent of Brits think they need to compete with their peers when it comes to renovations.
Nearly a quarter (24 per cent) keep up-to-date with DIY projects regularly; 17 per cent repaint the house from top to bottom every year; and 15 per cent get a new kitchen fitted every few years or so.
However, most people simply make little changes that have a big impact in the way their home looks. For instance, 36 per cent place scented candles around the house; 31 per cent buy fresh flowers every week; and 26 per cent iron towels.
Furniture and furnishings are also important to Brits, with the typical annual expenditure on these coming in at £2,116 per person.
It is not just money we are sacrificing on our houses, but time too, with homeowners spending an average of 108 hours a year – or four and a half days – on improvements.
British adults might be spurred on at the moment to start some of these DIY tasks, as April is National Home Improvement Month.
The campaign has been set up to challenge homeowners to refurbish one room in their property this April. This is to ensure they end up loving the property they live in. As a reward, those who make “the most exceptional home improvement transformation” will be given a prize.
To catch up on what other people have achieved so far, follow the hashtag #MakeOneChange on social media so you can see what you are up against or even find inspiration for your big DIY job this month.