Home owners set to spend £6 billion on property upgrades
A study from the Federation of Master Builders (FMB) has found that nearly a third of UK homeowners are looking to carry out work on their homes in the next three years, with up to £6 billion in projected works planned annually.
Almost 40% of these are set to be major refurbishments, including new kitchens, bathrooms and home extensions, while smaller works such as loft conversions and conservatories account for 38%. More than one in five home owners (22%) cited that the primary reason for their home improvements is being unable to buy a new home, and thus feeling compelled to upgrade their current space.
The FMB believes some owners are ‘putting families first’, as wider motivations include planning for having a family, and parents wishing to boost their children’s’ inheritance in future.
The study also showed:
- 50% of home owners feel their properties are in urgent need of modernisation to increase its value.
- 20% of home owners in London wish to upgrade in order to let out their spare bedrooms or whole properties.
- Home owners in London, followed by Wales and Yorkshire are most likely to upgrade for stay-at-home children who have not been able to move out.
- Almost 50% of homeowners in Northern Ireland feel compelled to upgrade their current homes as they cannot afford to move.
- The study also shows that when it comes to choosing a builder, one in four home owners feel out of their depth. Word of mouth remains essential, with personal recommendations (82%) cited as the most common way to choose a builder, followed by trade association websites (36%).
- When prioritising how to choose a builder, reliable references comes up top (63%), followed by the cost of the quote (61%), the professional manner when quoting and estimating (59%), whether their firm is a member of a professional trade association (55%). Over 50% of home owners rate ‘knowledgeability’ as a top priority when discussing the project (54%).
Worries that come up top of the list when choosing a builder are:
- Fear of being ripped off (55%).
- Worry that contractors will make major mistakes (29%).
- Anxiousness that they will disappear before finishing the project (29%).
“We have seen a rising trend of multi-generational households – with grown-up children opting to stay with their parents, while they save money for their own homes,” explained Brian Berry, Chief Executive, FMB, which commissioned the study.” This study suggests more than 1 million home owners across the country want to build extra space as their children are unable to fly the nest.”