It seems the months spent at home have been put to good use as the nation reflected on their living space and chose to spend an average of just over £4,000 each on renovating their homes, since lockdown commenced in March.
A study* has highlighted that the key area for improvement has been upgrades to the garden (34%), with living room (23%), bedroom (22%) and kitchen (22%) improvements also featuring in the top four.
With garden improvements in the top spot, it’s no surprise that lockdown prompted people to enjoy their outside space. In fact Gardeners World received its highest ratings in a decade as people took to their gardens up and down the country.
‘Zoombarrassment’ motivates the nation
To fund these projects, it seems nearly a quarter (24%) of respondents deflected money set aside for a holiday, while 26% raided their savings pot. Homeowner motivation to embark on these projects ranged from adding value (27%), with 40% citing ‘Zoombarrassment’ over the appearance of their homes, as the reason for renovation!
*Money.co.uk, Aug 2020
Wanting to sell or move on?
Whether you’ve been doing up your home to add value and looking to move, looking to raise capital or simply want to save money on your mortgage deal, it’s important to get mortgage advice first. Our independent mortgage adviser, Paul Clifford, works across East Sussex and Kent including Eastbourne, Hastings, Tunbridge Wells, Brighton, Uckfield, Bexhill, Seaford, Newhaven, Crowborough and further afield. Learn more about our Mortgage Broker service.
Please read our VoucherFor reviews here.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.
It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
The information contained within the blog is for information purposes only and does not constitute financial advice.
The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.
