Demand for space drives home improvement
High demand for space-creating upgrades could provide a welcome boost for the UK’s home improvement market, according to new research.
Nearly 30% of homeowners think their current property is too small, and 43% say they have unusable space they want to convert.
As many as 70% are now planning upgrades, which includes adding a new extension, garden room or conservatory.
The findings were published by Eurocell as part of its ‘No Space Like Home’ campaign, which uncovers key renovation trends across different generations and parts of the UK.
Extensions are the most popular type of upgrade homeowners are interested in – cited by 25% of respondents – closely followed by garden rooms (23%) and loft conversions (18%).
The also research found:
- 26% of homeowners are moreconfident spending money on home renovations, despite the economic uncertainty
- 29% want to create extra living and entertainment space – the top reason for renovation
- 60% will fund their project using savings
- 51% say they’d rather renovate than move because they like their home, while 47% are attached to the area.
Beth Boulton, marketing director at Eurocell, said: “These findings are consistent with what we’ve seen in the market in recent years. People need more space – whether for their growing family, adult children, remote working or hobbies – without the upheaval and cost of moving.
“We also uncovered some surprising trends. Nearly half of baby boomers, for instance, are planning to add more space to their home, which could be an untapped market for fabricators and installers who might be putting their focus on younger demographics for space creating building solutions.
To view the full research visit www.eurocell.co.uk/blog/no-space-like-home
