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Millennial homeowners in UK are active home upgraders, according to the 2016 Houzz & Home survey from Houzz, the world’s leading platform for home renovation and design. The survey, of more than 10,300 respondents in the UK and over 225,000 respondents globally, revealed that more than half of UK Millennial homeowners on Houzz (ages 25-34) renovated their home in 2015 (57% versus 57% for those 35-54 and 57% for those 55 and older). In terms of decorating, Millennial homeowners on Houzz are even more active than other generations (79% versus 71% for those 35-54, and 68% for those 55 and older). The top trigger for renovations among this generation was the desire to customise a recently purchased home (41% versus 19% for those 35-54, and 13% for those 55 and older).
“As the largest survey of home renovation, decorating, and building activity published, Houzz & Home provides unprecedented insights into how homeowners are updating their homes, including, increasingly, Millennials,” said Nino Sitchinava, principal economist at Houzz. “While the generation of homeowners between the ages of 24 and 34, still comprise a small share of the homeownership population we’re finding that they are quite active when it comes to home upgrades, and are eager to make their homes their own.”
Nearly two in five of renovating UK homeowners are improving instead of moving due to their desire to stay in their current home (38%). Almost one third choose the renovation route in order to remain in their current neighborhood (30%). Financial considerations such as renovation being a more affordable option (29%) or providing a better return on investment (27%) trail somewhat behind. For Millennials, however, financial considerations are more top of mind – 39% cite a better return on investment as the second top reason for renovating versus buying, followed by affordability (35%). More than anything, however, Millennials want a personalised home that fits their vision for what a home should be (41%).
Popular Projects
Renovating homeowners are prioritising projects in their bathrooms (32%), living rooms (29%) and kitchens (28%). Updating an outdated or undesirable design/style is the top issue addressed in UK bathrooms (53%), kitchens (44%) and other interior room renovations (42%). Many homeowners are tackling home systems upgrades including plumbing (43%), electrical (40%) and heating (33%). For exterior upgrades, top projects include updates to windows/skylights (31%), gutters/downspouts (29%) and exterior paint (28%).
Budget? What Budget?
Nearly one-third of renovating homeowners take on a renovation project without setting a budget (29%), and nearly the same share exceed their established budget (32%). These figures are largely consistent across all age groups. The top budget buster is the decision to opt for more upscale products and materials (48%), ahead of the project being more complex than expected (38%) and products/services being more costly than expected (37%). UK homeowners on Houzz spent £42,700 on average in home improvements in 2015, with homeowners age 55 and over spending significantly more on home renovations than Millennial homeowners (£40,000 vs. £28,500, respectively).
When it comes to spending on kitchen renovations, homeowners spent an average of £16,880 on major renovations* of a larger kitchen (150 square feet or more), and £10,420 for major renovations of a smaller kitchen (less than 150 square feet). In terms of bathrooms, homeowners spent an average of £9,640 on major renovations* of a larger bathroom in 2015 (50 square feet or more), and £6,120 for major renovations of a smaller bathroom (less than 50 square feet). In terms of financing, the majority of homeowners continue to use personal savings/finances to fund their renovations (85%), followed by credit cards (14%) and cash from home mortgage refinancing (14%).
A Helping Hand
More than nine in ten homeowners renovate their homes with professional help (92%). Professional hiring is popular across all generations of homeowners, although it is especially high among those age 35-54 (93%, vs. 90% for Millennials and 93% of those 55 and over). Nearly one third of homeowners who hire a professional for their renovations enlist a builder (31%), while 24% hire a kitchen designer and fitter, and 22% hire an architect. Top specialty trades include electricians (66%), plumbers (59%), and carpenters (45%).
The Houzz & Home Survey
The annual Houzz & Home survey is the largest survey of residential renovation, building and decorating activity published. The survey covers a wide range of renovation projects in 2015, from interior renovations and additions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2016. The 2016 study includes more than 10,381 respondents in UK and 229,500 respondents worldwide, providing insights into the home improvement activity of the more than 40 million monthly unique users of the Houzz site and mobile apps.
The Houzz & Home Survey was sent to registered users of Houzz and fielded in March-June 2016. The Farnsworth Group, an independent market research firm, conducted the survey.
*A major renovation at minimum replaces all cabinetry and appliances. Additions are not included in these numbers. Numbers include both DIY projects and those which used design or construction professionals.
The full UK report is available here.
About Houzz
Houzz is the leading platform for home renovation and design, providing people with everything they need to improve their homes from start to finish – online or from a mobile device. From decorating a small room to building a custom home and everything in between, Houzz connects millions of homeowners, home design enthusiasts and home improvement professionals across the country and around the world. With the largest residential design database in the world and a vibrant community empowered by technology, Houzz is the easiest way for people to find inspiration, get advice, find products and hire the professionals they need to help turn their ideas into reality. Headquartered in Palo Alto, Calif., Houzz also has international offices in London, Berlin, Sydney, Moscow and Tokyo. Houzz and the Houzz logo are registered trademarks of Houzz Inc. worldwide. For more information, visit houzz.co.uk.