Average home improvement spend reaches £5,300

More than half of homeowners have undertaken home improvements during the past 12 months, according to Halifax.

The average amount spent on home improvements over the last 12 months (not including adding space) was £5,300.

Redecorating is the nation’s most popular home improvement, with almost two thirds of home improvers choosing to revamp their homes with a new coat of paint and wallpaper. In second place came garden improvements with 39%, followed by new furnishings (26%), new carpets (20%) and a new bathroom (18%).

The main motivations behind all of the home improvements carried out was to improve the look and design of the house (44%) or update and modernise (38%).

Interestingly, more than one in ten respondents has added space to their property within the last 12 months, or plans to do so within the next year. An extension was the most popular choice among one third of respondents, followed by a conservatory (31%) and a loft conversion (28%).

The motivation behind the space adding improvements was to increase people’s standard of living (42%) and lifestyle (29%) in their current home. In fact, over three quarters (76%) of respondents adding space intend to stay in their property and have no plans to move within the next two years.

Stephen Noakes, commercial director at Lloyds Banking Group, said: “In the current housing market, many people have decided to stay put rather than move. Therefore it is no surprise that we’ve seen an increase in people adding space to their property to make it more suitable for their current lifestyle.”