Home improvement trends: prices & popularity
Improving a property can be done for a variety of reasons. Some have their eye on a ‘fixer upper’ property that needs work, while others may want to make changes ahead of a sale. Whatever your motivation, it’s good to know how much the work will cost, what’s in fashion and what might tick the boxes of potential buyers. Luckily, the latestRated People Home Improvement Trends report sheds light on all these aspects.
What’s gone up in price & popularity
Rated People’s analysis revealed the types of home improvement jobs that have seen their popularity soar. Cladding is the job where demand has grown the most – by 743% over the past year. The other jobs that completed the top five in-demand list included an electrical inspection condition report (up 404%); repeat wheelie bin cleans (up 330%); repeat garden maintenance (up 305%) and a suspended ceiling (up 279%).
Interestingly, energy efficiency home improvements have also seen marked demand increases, with requests for electric car charging point installations up 169% and solar panel installations up 64%.
Those looking to remodel, extend and revamp will, sadly, find that many costs have increased, with some projects costing around £10,000 more in 2023, when compared to 2022. When looking at the simple renovation of a three-bedroom, semi-detached home, (new kitchen, new bathroom, new wooden flooring and new carpet, new plastering, new radiators and painting throughout), the cost has risen substantially. In 2021, such a project would have cost around £24,000 while in 2022, the same work would have been around the £29,000 mark. In 2023, however, those undertaking the same renovation can expect to pay around £34,500.
Of the individual home improvement projects that are more expensive now, a dormer loft conversion (up 20% in price); a garden room (up 11%); a single storey extension (up 11%); a slate and tile roof (up 11%); dividing a room with a partition wall (up 9%); a new floor (up 5%) and a new kitchen (up 5%) have increased the most in cost.
Rising costs are made up of three parts: the cost of materials, the cost of skilled labour and operational costs. Tradespeople have had to increase their prices for two consecutive years. In 2022, 81% put their prices up and in 2023, that figure rises to 86%. As a guide, a trade’s prices will rise by an average of 17% this year, with bathroom fitters, electricians and plumbers the trades most likely to charge more.
The increasing cost of materials is being passed on to customers, with concrete reinforcing bars reporting a 44% year-on-year increase in their purchase price. Other materials that have become more costly include fabricated structural steel (up 34%); insulating material (up 24%); plastic doors and windows (up 22%); builders’ woodwork (up 19%) and metal screws (up 18%).
Interior trends on the rise
Homeowners looking to make more cosmetic changes may like to know the interior design trends that have surged in popularity. Natural material interiors, colour drenching and bougie interior designs form the top three trends, although there’s a definite shift towards earthy colours. Sage, forest, beige and terracotta interiors were all repeatedly searched for on Google.
Focusing on the paint colours that are rising in popularity, the palette is very much neutral. Shades of taupe, green, beige and grey all feature heavily in the top 15 hues that have seen demand soar. The materials we use in our homes have also changed, with marble, brass and light wood all finding favour.
What’s gone down: fewer projects and out-of-fashion fads
Fewer people plan to improve their homes this year- perhaps due to rising costs. The report suggests 35% of UK homeowners will definitely make home improvements in 2023, compared to 52% in 2022.
While natural materials and neutral colours are growing in popularity, Rated People was able to identify the interior trends that have fallen out of favour. There had been a marked drop in Google searches for hanging chairs, navy interior design, berber rugs, Japandi interiors and velvet sofas. In terms of materials, we’re less likely to search for resin, copper and chrome.
What buyers are looking for
The Rated People report also highlighted the home improvements that are most important to buyers – critical information for those hoping to make changes before they instruct an estate agent. The top 10 home improvements that would make a potential homebuyer more likely to purchase a property this year are:
1. Ground floor cloakroom
2. Ensuite bathroom
3. Utility/laundry room
4. New kitchen
5. Solar panels
6. New bathroom
7. Walk-in wardrobe
8. Landscaped garden
9. New windows
10. Patio/French/bifold doors to the garden
How the figures were compiled
Rated People’s 2023 Home Improvement Trends report was compiled after analysis a vast set of data points, which included:-
- More than 1 million home improvement jobs posted on Rated People throughout 2020, 2021 and 2022
- Google search volume analysis
- A survey of more than 230 UK residents, homeowners and tradespeople
- Analysis of official Government data on the cost of construction and building materials
- Analysis of Rightmove’s data on the average asking price for different homes across the UK
- Analysis of PriceBuilder’s data on the rising cost of home improvement and renovation jobs
- Analysis of purchasing and trend data from leading home interior retailers/service providers
If you are looking to sell your home and want guidance on what home improvement projects may attract purchasers and increase your home’s value, get in touch. We can also help buyers weigh up whether it’s more economical to purchase a ready-refurbished property or to take on a project that needs improvement.
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