Six in 10 UK homeowners would rather improve their existing property than move during the next five years but affordability is forcing many to put renovation plans on hold.
Research from Evolution Money finds 61% would choose improving over moving, with the same proportion saying they like their existing home and neighbourhood.
High moving costs and the stress and disruption involved were each cited by 42%, while 41% say house prices are too high.
But more than two-thirds of homeowners have delayed planned improvements because they could not afford to carry them out.
RENOVATION GAP
The research, based on a survey of 2,000 UK homeowners alongside home improvement cost and lending data, points to a significant gap between renovation ambitions and available savings.
The most common estimated budget for a dream renovation is between £20,000 and £40,000, while 75% of respondents have less than £10,000 saved.
Although half say they would use savings to fund a major renovation, just 34% have a dedicated home improvement fund.
Bathrooms are the most commonly delayed project, cited by 36%, with an estimated average cost of £5,725. Kitchens follow at 33%, with an average cost of £10,750, while 30% have postponed replacing windows and doors.
ENERGY UPGRADES
Cost is also creating a barrier to improving the energy efficiency of homes.
Three-quarters of homeowners would consider improvements specifically designed to reduce energy bills, but 46% have less than £5,000 saved for home improvements.
Evolution Money puts the average cost of solar panels at £7,187 and a heat pump at £9,125.
Kerri Pender, Managing Director at Evolution Money, says: “For homeowners whose savings don’t quite stretch to larger improvements, the key is to have a realistic plan.
“That might mean tackling the work in phases, prioritising the upgrades that will have the biggest impact on your home’s comfort or energy efficiency, or considering finance as part of a carefully planned budget rather than a last resort.”
