New research has revealed that 69% of people in the UK are planning home improvements in 2022, whilst one in 10 plans on moving house in the next year.
The study, conducted by mortgage broker Boon Brokers, also revealed the top 10 home improvement trends we will be trying, including fitting a new bathroom, creating a home office, and building an extension.
Gerard Boon, founder of Boon Brokers, says: “Since March 2020 our homes have needed to be multi-purpose in a way they never have before. For many of us it has brought what we want from our homes into sharp focus – which has then led to the decision to move or undertake home improvements, to get what we need.”
The research has revealed geographical disparities in the rate at which people are relocating, with those in Southampton, London, Manchester, and Birmingham being most likely to move, whilst people in Belfast and Bristol are least likely.
It seems too, that younger homeowners have more of a drive to renovate – 81% of 25- to 34-year-olds have work planned, whilst almost 60% of those over 65 are renovating.
The top 10 home improvements people have planned in 2022 are:
Fitting new flooring/carpets
Fitting a new bathroom
Fitting a new kitchen
Building an extension
Creating a cabin or extra room in the garden
Converting a loft
Creating an office
Knocking through rooms to create more open space
Converting a garage
The most popular project we will be tackling in 2022 is to redecorate, with 37% of people choosing to refresh their homes without undertaking any costly renovations.
The rest of us are more prepared to invest – in fact, the study revealed that one third (32%) of mortgage-holders said they were considering extending their mortgage or remortgaging to pay for home improvements. Those homeowners are most likely to be fitting new flooring, a new bathroom or kitchen, or building an extension, according to the list.
Interestingly, 6th on the list was creating an extra room in our gardens. We recently reported on the rise of the dream garden in our spring/summer 2022 trends roundup, with Stephen Pitcher, Trading Director of Garden at Homebase commenting: “This year, as our love for our gardens continues to bloom, we’ll see people decorating their gardens in the same way they add personality to their homes.”
Equally, it comes as no surprise that creating more open spaces within the home is on the list, as we see a growing trend for open-plan living – symptomatic of our desire for light and airy living spaces offering easier connection with family members.
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