More than half of people who want to increase the value of their homes choose house improvements over moving, according to the Barclays Mortgages Home Improvement Report 2015. The report found that 53 per cent of UK homeowners prefer to make improvements to add value to their properties rather than move home. The average period people have lived in their […]
More than half of people who want to increase the value of their homes choose house improvements over moving, according to the Barclays Mortgages Home Improvement Report 2015.
The report found that 53 per cent of UK homeowners prefer to make improvements to add value to their properties rather than move home.
The average period people have lived in their current property is 14 years and during this time the value of the property has increased by 82 per cent.
UK homeowners believe they have added a collective £164 billion in value to their properties through home improvements.
Home improvements vary in the value they add to properties throughout the country and can prove profitable even in the short term. On average a property, which is bought and sold within 12 months, sold for £31,000 more, revealing a group of DIY averse buyers willing to pay a premium to move into a home where they don’t need to do any work.
Regional table showing the average return on investment (ROI) of building a 30m2 extension to a property:
| UK Region | Average house price per region | ROI from a 30m2 extension |
| UK | £180,000 | £14,000 |
| London | £464,000 | £156,000 |
| Winchester | £249,000 | £61,000 |
| Brighton | £266,000 | £69,000 |
| Edinburgh | £246,000 | £59,000 |
| Cambridge | £245,000 | £57,000 |
| Exeter | £211,000 | £35,000 |
| York | £204,000 | £30,000 |
| Chelmsford | £201,000 | £29,000 |
| Maidstone | £198,000 | £27,000 |
| Bristol | £199,000 | £26,000 |
| Norwich | £172,000 | £12,000 |
| Cardiff | £151,000 | £9,000 |
| Manchester | £109,000 | £8,000 |
| Leeds | £129,000 | £6,000 |
| Glasgow | £135,000 | £4,000 |
| Lincoln | £130,000 | £3,000 |
| Carlisle | £123,000 | £2,000 |
| Sheffield | £124,000 | £1,000 |
| Birmingham | £120,000 | £1,000 |
| Swansea | £108,000 | -£2,000 |
| Derby | £112,000 | -£5,000 |
| Newcastle | £122,000 | -£8,000 |
| Nottingham | £89,000 | -£9,000 |
| Liverpool | £90,000 | -£10,000 |
| Hull | £69,000 | -£17,000 |
This shows the varying property climates throughout the UK and how significant home improvements, such as an extension, can be a shrewd move for many across the country. However, homeowners should also consider their location and be clear on their reasons for making the improvement.
Andy Gray, Barclays Managing Director of Mortgages said:
“The Barclays Mortgages Home Improvement Report highlights a strong appetite among homeowners to make improvements. As a nation we take pride in our properties and through the improvements we choose to make, adapt them to meet our individual needs.
“Clearly our research shows that some of these improvements can add value. But it is important to note this is not the case everywhere. Also, many people decide to improve their home simply out of necessity, perhaps due to a growing family, and adding value is not a primary consideration.
“Each homeowner should research the best option for them, taking into consideration the home improvements they would need to make, how much this would cost and investigate whether moving property may actually be the better option. Homeowners should also seek independent financial advice to assess the best option for their personal requirements.”
The top three improvements homeowners are planning to make next are repainting the interiors (45 per cent), installing new carpets (25 per cent) and looking to purchase a new kitchen (19 per cent). The top reason for making home improvements is to modernise properties with 70 per cent of people citing this as their motivation.
The report also shows what people think were their biggest home improvement mistakes. The top DIY regret over the last fifty years is the avocado coloured bathroom suite with 62 per cent considering this a property turn off. Further mishaps identified include woodchip wallpaper and stone cladding.
UK’s top 10 list of worst DIY home improvements:
| DIY Improvements | Percentage (%) of respondents citing these improvements as a faux pas |
| 1. Avocado coloured bathroom suites | 62% |
| 2. Woodchip wallpaper | 60% |
| 3. Stone cladding | 54% |
| 4. Flocked wallpaper | 49% |
| 5. Artex ceilings | 47% |
| 6. Carpets in bathrooms | 47% |
| 7. Pebbledash | 43% |
| 8. Strip Lighting | 37% |
| 9. Linoleum | 29% |
| 10. Synthetic wood | 28% |
The most desirable home improvement is the installation of a designer kitchen with nearly half (42 per cent) of homeowners saying they want one. Other dream improvements include an en-suite bathroom (38 per cent), swimming pool (29 per cent) and a games room (26 per cent).
