Company News

London, September 16 – 2018 is on track to be another solid year for home renovations, with almost half of homeowners on Houzz UK planning to renovate their home (47 percent), according to the annual Houzz & Home UK survey of more than 7,900 respondents in the United Kingdom. Renovation activity and spend was strong in 2017, with 57 percent of homeowners renovating their homes, at a median spend of £15,000. Repeat homebuyers invest the most in home renovations at a median spend of £25,000, followed at a distance by long-term homeowners and first-time homebuyers (£12,000 and £10,000 median spend, respectively).*

Bathrooms and bedrooms topped the list of interior refurbishments for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling these rooms (29 percent, each), followed by kitchens and living rooms (28 and 27 percent, respectively). First-time homebuyers are more likely to take on bathroom renovations (30 percent), than repeat and long-term homeowners (29 and 28 respectively). Bathrooms were one of the most expensive rooms to renovate, with a median spend of £5,000 for a large bathroom (more than 50 square feet), and smaller bathrooms (less than 50 square feet) at a median spend of £3,000.

"All of the evidence from our research points to 2018 likely being another robust year for the home improvement industry,” said Nino Sitchinava, Ph.D., Houzz principal economist. “Recent buyers and long-term homeowners alike are keen on investing in major projects like bathrooms, bedrooms and kitchens and they’re validated by the value these projects have brought to their homes."

While improving a home’s design or functionality are the top considerations during renovations (77 and 65 percent, respectively), increasing the home’s resale value is an important renovation consideration for more than one-third of renovating homeowners (38 percent).** In fact, almost eight in 10 homeowners believe their renovation had a positive impact on home value (78 percent), and nearly two in five of homeowners believe that their home value has increased by at least the full amount of the project cost post-renovation (39 percent).

Other top findings include:

• More Deliberate Planning and Budgeting: Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were eight percent more likely to set a budget in 2017 than in 2015 (79 and 71 percent, respectively).
• Cash Remains King: When it comes to funding renovations, cash continues to be the most popular form of payment (88 percent), though one in six of renovating homeowners use credit cards (15 percent). First-time homebuyers are more likely to finance their home projects with credit cards (18 percent) as compared with repeat homebuyers and long-term homeowners (15 and 16 percent, respectively).
• Heating and Plumbing Top System Upgrades: Homeowners prioritised heating and plumbing over any other system during renovations (43 and 41 percent, respectively). Repeat homebuyers are twice as likely to upgrade heating systems during renovations as long-term homeowners (52 versus 26 percent, respectively).
• Home Professionals in High Demand: Over nine in 10 renovating homeowners chose to hire a home professional for renovation needs (94 percent). Repeat homebuyers are the most likely to seek professional assistance (99 percent), followed by first-time homebuyers and long-term homeowners (95 and 87 percent, respectively).

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 refurbishment projects in 2017, from interior renovations and extensions 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 2018. The 2018 study includes over 7,900 respondents in the UK alone, 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 UK and fielded in March-April 2018.

The full UK report is available here.

Houzz has over 17 million photos of professionally designed interiors and exteriors, including completed kitchen and bathroom projects, and more than 2.1 million active home renovation and design professionals including architects, interior designers, home builders and design-build firms.

*The homeowner segments are defined as follows:

• First-time homebuyers refers to homeowners who purchased and renovated their homes in 2017 and did not previously own any other home.
• Repeat homebuyers refers to homeowners who purchased and renovated their homes in 2017 and previously owned another home.
• Long-term owners refers to homeowners who moved into their homes six or more years ago.

** Information gathered from the 2017 UK Houzz & Home Renovation Trends Study.

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 is a registered trademark of Houzz Inc. worldwide. For more information, visit houzz.co.uk.