Cash-conscious Brits are snubbing pricey home improvements and sticking to cheaper renovations of their bathrooms and kitchens, new research has shown.
With large mortgages, many homeowners are running shy of funding big-money projects to increase the value of their homes – like loft conversions and extensions.
Instead homeowners are splashing out on new bathrooms and kitchens.
A study by Tile Depot found that the most common renovations are kitchen makeovers, costing on average around £9,600, and bathroom renovations, which have an average cost of £4,900.
This contrasts with the average price for an attic refurbishment, which is around £24,600.
Only six per cent of British people surveyed have carried out a loft conversion in the past three years, despite the potential value the renovation could add to their property.
Yet nearly half of Brits carried out improvements to their kitchen or bathroom over the past few years.
When quizzed as to why they were making home improvements, 14 per cent of respondents agreed it was to boost the value of their property, while a staggering 50 per cent cited necessary repairs and general wear and tear as their reason.
The data also suggests that Brits are shying away from extensions, with just 18 per cent giving the go ahead to enlarge their property over the last three years.
The average costs of extending a property is £19,750, suggesting that regardless of the extra space and value, Brits prefer the more budget friendly options of kitchen and bathroom improvements.
The only anomaly appears to be garden renovations, which offer an agreeable average cost of £4,450, yet only 17 per cent of respondents have improved their outdoor space, suggesting Brits aren’t willing to get their hands dirty with outdoor projects.
Tracy Hildreth, E-business Manager at Tile Depot’s parent company CTD Group, said: “In the UK, homeowners are looking to their kitchens and bathrooms when assessing possible areas of improvement at home, and when analysing this data, it seems the determining factor is cost.
“Despite the potential boosts that extensions and loft conversions can add to a property’s resale value, it’s clear that Brits are more concerned with improving the well-used areas of their house without breaking the bank.”