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Spending on our homes is Increasing

In the last 12 months proud owners spent over £39 billion on improvements to their homes. Much of that is financed through loans with lenders such as Propensio Finance. An average of £2,700 was spent on home improvements in 2020 - up 12 per cent from 2019.

Especially in these times of working at home and not being able to travel, the home is typically a refuge for many. It is a place that we expect to have a long-term association with, to have control over, and that we feel attached to. It is where we go (or stay) to recover after a long workday even at home and to spend quality time with loved ones.

The ”top10” home improvements according to Which? not only add value but add to the comfort in our homes and some, even better, save us money!

The Checkatrade Home Pride Index takes a close look at many factors including money and time spent on our homes, our improvements and those unfinished jobs left to do, highlighting how the love for and use of our homes has increased in the past year.

With more people working from home this is why we are spending more time in them, so kitchens and gardens had the most money spent on them, with an average of £435 and £392 being spent. Interestingly, with many more people working from home this year, Londoners in particular spent money on renovating or converting a space into a home office, spending on average £621 per person. Meanwhile, those in the North East spent an average of £886 on their gardens. More than any other region in the UK, and more than double the national average.

Mike Fairman, of Checkatrade, commented: “We can see the effect that 2020 has had in some of the searches for our trade members. We expect a lot of these staple services – such as plumbing, building and electrics – to also grow in popularity throughout 2021 as homeowners continue to see the value in investing in their homes.” You can see the full Checkatrade report here.

When choosing a trader to work with, it’s important to be sure they are up to the job!  This is easily done through Checkatrade.  If your tradesman is helping you arrange credit, make sure he is individually authorised and regulated by the Financial Conduct Authority and can be found on the Register.

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