Almost one-in-eight homeowners have put their planned renovations on hold, however less than one percent have cancelled their renovation plans outright.
This was the finding of a recent study by renovation software solution Houzz, who asked around 1,000 UK homeowners about their plans for upcoming renovations.
The top reasons given for delaying projects were budget constraints, the state of inflation, and a perceived lack of project urgency. Out of those polled, a quarter also mentioned completing a renovation project last year, and another quarter said that they planned to start one before the end of next year.
More than half of respondents reported wanting to stay in their current home and renovate it, instead of moving to a new property that suits their needs. When asked why, most of those polled were motivated by financial reasons, with 23% feeling that renovating offered a better return on investment, and one-in-five saying it’s more affordable than moving.
For respondents who had recently finished renovation projects, roughly half said that finding the right professionals had been a challenge, 36% struggled with sourcing products and materials, and roughly three-in-ten said that they experienced some difficultly with staying on budget.
Other commonly mentioned challenges included struggling to visualise the finished project before work began, feeling educated on the renovation process, and finding the funds to begin the work.
Houzz’s staff economist, Marine Sargsyan, commented: “The demand for home renovations continues, but the industry is not immune to challenges posed by a volatile national economy.
“Faced with inflation and rising interest rates, many homeowners have been forced to re-evaluate their ability to pursue immediate improvements. That said, as homeowners choose to remain in their ageing homes rather than move, they continue to turn to industry professionals for assistance with necessary repairs and discretionary projects that improve their quality of life.”
Other recent research by Houzz has revealed that almost all home renovators are looking to incorporate sustainable elements in their designs this year, and three quarters of bathroom renovators reported upgrading their shower as a top priority.
