An annual survey by Houzz & Home in the UK has discovered that kitchens, by far the most popular room to renovate in any home, are costing 11% more to renovate over the last decade with an average spend of 10,000 GBP. The results also show an average spend on bathrooms increasing by 9% to around 4,350 GBP.
The survey also found that most people renovate at least 3 rooms simultaneously in order to spread costs across multiple rooms where the same contractors can be used. More than 70% of renovators where recorded as being over the age of 40.
It appears that rising concerns over the global economy, especially the predicted trade war between the USA and China, hasn’t had a big impact on people’s willingness to pursue expensive renovation projects. Increasingly, younger people are preferring to stay and renovate to meet changing lifestyle demands rather than relocate.
While younger people are more likely to rely on a contractor than do it themselves, the gap between old and young is very narrow. Electricians, carpeting specialists and plumbers were among the most commonly engaged professionals in 2018 according to the annual Houzz & Home UK survey.