Turbulent property prices, restricted housing supply and rising moving costs have seen a surge of homeowners pausing plans to move in favour of improving their homes.
Google Search Trend data from April 2022 to April 2023 found that the UK has seen a huge interest surge in home improvement projects. In the last year the search volume has grown by 59 per cent, emphasising the upwards trend for residents to invest in enhancing their living spaces. This trend is further supported by an increase in home improvement loan agreements in a study by Pepper Money.
Homeowners are clearly seeking to both save money and create an enhanced, more functional home environment that best suits their needs and desires. Undoubtedly, UK homeowners have identified the significant long-term benefits of increasing the value of their property and avoiding the costs of moving.
Property improvement trends in 2023
Search demand identifies the most popular home improvements to research online in 2023 are loft conversions, investment in outdoor living and walk in wardrobes. Of these, loft conversions and the ongoing trend for ‘garden rooms’ and linking indoor living spaces to the garden tend to support the desire to maximise the leisure and living space in our homes. Kitchen installations also continue to be one of the most popular areas to invest heavily in homes too due to the high value nature of appliances.
It is estimated that a loft conversion can increase value by up to 20 per cent given the increase in a property’s overall square footage. When underused loft space is converted into a bedroom or office space making it fully usable this is likely to be of benefit to future buyers as well as present occupants, thus future proofing the home ensuring interest amongst future buyers.
Why home improvements?
Homeowners can save on high expenses like stamp duty, legal fees and estate agent commission. Also, investing in their current space saves the search for a new property whilst creating their own ideal, which is tailored to suit their own specific needs. Many retirees are seeing this as a better use of funds.
What about a home lift?
Home lifts have become increasingly popular with retiring seniors in the UK. With the domestic lift market offering more and more appealing features and high spec options, UK homeowners can both enhance the attractiveness of their home and even more crucially, ensure it suits their future needs.
A through-floor lift creates a multi-generational home which adds lifestyle convenience through to retirement. Modern technology is all about efficiency and speed, and a home lift offers fast and easy access to all areas, regardless of strength or mobility and its presence completely reimagines how you move around a property. Much like other investments to access loft space or create a garden room, the approach is again aimed at maximising flexible use and access to space within your home to ensure you can use it to its fullest potential.
Providing a choice
According to Valuing Care, it costs around £29,276 per year or £576 per week for the average weekly residential fees covering accommodation, food and basic care (not nursing). This is a significant ongoing payment. A home lift, however, is a one-off investment, that offers you a lifetime of comfort, allowing couples to stay in their own homes, closer to life long friends and in an area that is familiar and loved.
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