"It’s important to remember just how significant our home environment is, now that our houses have suddenly become offices and schools, as well as our place to relax and unwind."
Experts claim that homeowners should spend the equivalent of 1% of their property value on its upkeep each year in order to maintain its worth, and with the average UK house price currently standing at £255,0002, Brits are recommended to spend around £2,550 a year refreshing their home.
However, a recent study by ScS found that 75% of the nation spend less than this amount. In fact, more than half (56%) spend under £1,000 each year and one in six (17%) splash out less than £250.
Carpets were found to be the area least likely to be upgraded (36%) despite them being a key feature in the home.
The amount Brits invest in their homes differs greatly. Only 1% of homeowners are seen spending over £50,000 annually on their home, with another 1% spending nothing on home upkeep a year. Whereas 6% of Brits spend, a somewhat more reasonable, £10,000 on upgrades in their homes, bringing the average spend to £3,400 per year.
Age also seems to be a factor in how much is spent on the home. Millennials (age 25-34) are the most likely to invest in their properties, with 43% spending over the recommended amount and their average being the highest of all the generations, standing at £6,574.
House-proud millennials are also the most likely age group to spend over £50,000, whilst 45-54-year-olds have the tightest pockets and are the most likely to spend nothing on their home.
The research also explored which DIY jobs Brits were most willing and reluctant to spend money on. Jobs that were most likely to be put off were replacing carpets (36%) and repainting the outside of the house (32%).
In contrast, more extreme home changes were higher up on the to-do list. Room conversions (13%) and adding built in wardrobes (13%) were seen as higher priorities for Brits in terms of home improvements.
Amy Forster, content executive at ScS, said: “We’ve spent far longer in our homes than normal over the last year, so it’s no surprise that we’ve started to notice more wear and tear.
“It’s important to remember just how significant our home environment is, now that our houses have suddenly become offices and schools, as well as our place to relax and unwind.
“Investing in their upkeep and refreshing your living areas is a really valuable exercise, not only for your well-being, but for your house too. It helps keep your home fresh, nice to live in and attractive to buyers, should you wish to move.”
