- Seven in ten (69%) homeowners say they want to make improvements to their home post-lockdown
- Redecorating rooms, improving gardens and terraces, and renovating bathrooms/kitchens are top of the list of post-lockdown home improvement projects
- Nearly nine in ten (87%) millennial homeowners want to upgrade their homes, with a further one in seven (14%) motivated to sell their property and move
- Londoners are most driven to make a change out of all UK regions
- Two in five (37%) UK homeowners say they value their property more after lockdown
New research1 from Aldermore bank has revealed that, after three months of the lockdown period, seven in ten (69%) homeowners want to make changes to improve their homes, and a further one in twelve (7%) are thinking of selling and moving to a better property. However, after the lockdown experience, nearly two in five (37%) UK homeowners say they value their homes more now, but within this group; almost two thirds (64%) would still like to make improvements.
Redecorating and garden improvements top of mind
Of the seven in ten homeowners seeking to improve their homes nearly half (47%) want to redecorate by repainting or putting down new floors or carpet. Making garden or terrace improvements was also a big priority with two in five (42%) wanting to do this and nearly a third (30%) now planning a new bathroom or kitchen renovation. A further one in seven (15%) are looking at major construction by planning an extension on their property.
Millennials and Generation Z seek more flexible living space
Due to lockdown, many homeowners are now seeking to make their homes more multi-purpose. Of those looking at improvements, one in seven (14%) are looking to add dedicated office space and 13% want a place for exercising, with a further 10% having childcare on their minds and are looking at more room for their children to study and play.
Motivation for home improvements appears particularly strong among Millennials and Generation Z (18 to 34 year olds), with nearly nine in ten (87%) wanting to make upgrades post-lockdown, compared to three quarters (76%) of 35 to 54 year olds and over half of over-55s (56%). Specifically, over a quarter of Millennials and Generation Z want more exercising space and more office space, with an additional one in six (18%) looking at more study and play areas for their children.
The 18 to 34 years old age group show the greatest motivation to sell their property post-lockdown. One in seven (14%) said they want to move, compared to one in ten (11%) among 35 to 54 year olds and just 1% of the over-55s age group.
Working from home impacting Londoners most
Four in five London homeowners (82%) said they want to make improvements to their homes, the highest of all UK regions (UK average 69%). Londoners appear motivated primarily to make their properties more flexible to their needs, with nearly a third (29%) saying adding an appropriate workspace is a top priority, compared to 14% in the UK overall. Additionally, one in five (20%) Londoners are looking for more space to exercise compared to the 13% UK average.
Furthermore, over one in six Londoners (18%) said the lockdown period had motivated them to sell and move properties, the highest proportion out of all the UK regions (UK average 7%).
Jon Cooper, head of mortgage distribution, Aldermore said:
“The lockdown period has redefined what our homes need to be so it is not surprising homeowners are focusing their minds on what changes are required to enhance their living spaces. Among younger people perhaps in their first home and in London where space can be tight, the lockdown period has clearly created challenges for people in finding the right balance in their homes as a place to work, exercise, raise children, and socialise.
“As we ease out of lockdown, now is a good time to turn home plans into action, and for those planning major changes, such as moving home or seeking a remortgage, it is important to seek advice on your financial options. The mortgage market is open for business and here to assist people in making their home everything it needs to be.”
Notes to editors:
1Research conducted by Opinium between 30 June to 3 July 2020, with a nationally representative sample size of 2,000 UK adults
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