New home owners spend £13,000 on renovations
Published: 26 December 2019 - John King
Britain’s newest homeowners spent more on new furniture than on any other home improvement, according to new research.
In research commissioned by loans broker Norton Finance as part of their Home Improvements Report 2019, 1,000 new homeowners revealed that they forked out for additional £13,000 worth of spending on renovating their home within just a year of moving into their new property.
On average the most expensive single property improvement was made on new furniture (£1251.63), followed closely by a new kitchen (£1185.86), a new bathroom (£1115.18) and energy efficiency (£1021.72).
Whilst more traditional improvements like painting and decorating, new furniture, new flooring and gardening topped the priority rankings, 2019 saw Britain’s newest homeowners spending a significant amount on home technology. On average £792 was spent on smart devices like the Amazon Echo or Nest. Londoners spent more than double this amount (£1793) on home technology whereas those in the East of England spent under half (£324).
On the results, Paul Stringer, managing director of Norton Finance, said: “Buying a home, especially a first home, is a really momentous feat and something that many of us strive towards.
"Putting your own personal stamp on a home you own is exciting and it is clear the British public are keen to invest in this quickly after moving in.
"It’s interesting to see what the public prioritise in terms of home improvements and we hope that the findings of the research will give an indication to those buying a home in the near future as to what the first year of living in a new home can look like.”