From redesigns, kitchen extensions and home offices, home improvement projects have increased 86% in the last year, according to the Home Improvement Research Institute - and this is very good for employment in the UK.
“Covid has certainly been a reflective period for most households,” explains James Hawksby of Houszed. “With disposable income from not going on holidays or making the daily commute, people have used these funds to improve their homes.”
“From bricklayers, painters, plumbers to even finance providers, the number of people serving home improvements has surged and this has been good for the employment sector.”
“The most popular home improvement has undoubtedly been kitchens, since this is where most people spend their time. This is closely followed by home offices and home gyms as people adjust to a life of working from home more often and spending their leisure time there too.”
Home improvements can be funded in a number of ways. Many Britons have used their own personal savings with a new kitchen likely to start around £8,000, according to HomeBuilding.co.uk.
“But investing in your home is a good investment,” says Hawksby. “Any value you can add will typically make the property worth more, so you are giving yourself short-term and long-term benefits.”
“Other options for home improvement loans include unsecured and secured options or paying on finance, which allows you to spread repayment over time.”
“One area that has increased a lot in the last year is equity release, up 7% from the previous year. This helps seniors over 55 to release equity from their home (see how does equity release work) and this is usually for making adjustments to senior living such as stairlifts, hand railings and even home elevators.”