Home improvement budgets in the United Kingdom decreased by 9% in 2013, while home owners demand has increased by 50% for home projects.
The UK's home improvement budgets are down by 9% from last year (2012), according to analysis from HomeImprovementQuote. However, far from abandoning home improvement projects, HomeImprovementQuote found that householder demand has increased by 50% for home improvement since 2012. This suggests that cash-strapped homeowners are focused on making the changes they want in the most cost-effective way possible.
In fact, the average budget overall has been trending down year on year, since September 2010, while demand has continued to increase. However, the demand and budget for big ticket renovations and extensions, once considered to be the mark of affluence for British homes, has waned significantly. Searches for builders decreased by 40% from 2012, while the average budget for building work decreased by 5%.
In contrast, loft conversions have increased by 711% nationally in the past year, with homeowners budgeting an average 377% more for this type of home improvement, with the average budget for a loft conversion nationwide.
It appears that home improvement tastes might have changed from expanding homes outwards to upwards, the analysis of 2012 and 2013 data found that the demand for more traditional building skills and stonemasonry has increased dramatically in the past year. HomeImprovementQuote has seen a 104% increase in the number of people seeking stoneworkers, while there has been a 233% increase in people searching for traditional craftsmen.
Nationally, homeowners are still struggling to make their money go further so budgets are being lowered across many different trades. However, while expensive extensions or moving house are out of the question for many, what we are seeing instead is an ever increasing number of people searching for information about how to expand and improve their existing property in a more cost-effective way - with loft conversions continuing to be one of the top home improvement projects.
Homeowners are even more interested in the quality of the work they will receive, with ratings and reviews impacting the decision-making process much more than the cost. Clearly, with household budgets shrinking and energy prices rising, there is more pressure than ever on homeowners. Making sure that the quality of the finished project is up to scratch is a priority for people considering making an investment now more than ever before.