The past year can be described as unprecedented at the very least. The way we work, live and interact with others have been deeply affected by the current pandemic. Amongst the most dramatic changes to our everyday life, has been the time we spend at home. Being stuck indoors has meant that many homeowners have been forced to revaluate how their home fits in with the current changes in their lifestyles, as many of these, have the potential to become permanent.
A recent report by money.co.uk has revealed that the UK has spent approximately £55 billion on renovations since the beginning of the pandemic in an effort to create homes that are better suited to the way that we are living today. While it is true that many household’s finances have been affected by the current circumstances, it is also true that these have encouraged home owners – up to 65% of them – to invest in renovating their properties. This report also suggests that this is not a fleeting trend as many people, up to 73% of those polled, foresee hybrid working and staying at home more than before as a permanent trend.
While the reasons to renovate or update their properties varied greatly from case to case, most of those who took part in the study (63%) said that one of the reasons they had considered improving their homes was they were spending or planned to spend much longer at home and they needed a space that better satisfied their needs and made their home more comfortable. Only 27% said that they were carrying out renovations in order to increase their property value. Interestingly, 40% of those polled also said they were planning to improve their home as they were suffering from “zoombarasment” over their home appearance.
One of the bigger shifts in renovation trends over this period has been a change in focus as to what takes precedence when considering improving your home. Traditionally, most home owners would favour utility areas over social ones. This has changed greatly. So much so, that we have seen an increment in people adding to their renovation dream wish lists things like home pubs and home gyms which previously would have not been a consideration.
Prior to the pandemic, social areas of the home such as gardens and living rooms were considered non-essential. This has changed. It is reported that more and more homeowners perceive these areas as a primordial asset rather than a novelty. A garden studio, leisure areas, indoor gyms or any other area that focuses on well-being are now considered a necessity rather than a luxury.
In addition, how people finance these improvements has also been modified by the current situation. Homeowners seem to have changed what they place first on their priority lists. While 26% of those who participated in the study said they had financed their home improvement by utilising their savings, up to 24% said these were executed by using money originally intended for a holiday. Even 4% of those polled decided to use money intended for a wedding or for buying an engagement ring to carry out home renovations instead.
Another interesting shift in the way people think when planning a home renovation concerns to the use of outdoor spaces during the winter. Historically, homeowners in the UK have regarded outdoor spaces off-limits during the winter months. Prior to this winter, there was a huge surge in people looking to update their gardens to make them usable during the winter months. Items such as fire pits, outdoor heating and electric patio heaters were top of the list of internet searches with other items such as outdoor blankets and gazebos saw an increment in demand.
Whatever your reasons for renovating your home and whatever your plans are to make these come a reality, we would love to hear from you. Out team of professionals at Dominant Construction are always keen to explore how we can help you achieve the property of your dreams.