New research suggests affordability is holding back kitchen and bathroom projects, despite a preference among most homeowners to improve their existing property rather than move.
More than two-thirds (67%) of UK homeowners have delayed a home improvement because they could not afford it, according to research from finance company Evolution Money.
The study, based on a survey of 2,000 UK homeowners, found that 36% had postponed a bathroom renovation and 33% had delayed a kitchen renovation. A further 39% said they had put off multiple projects.
However, the findings suggest there remains an appetite for home improvements, with 61% of respondents saying they would prefer to upgrade their existing property rather than move over the next five years. Just 19% said they would choose to relocate.
Among those favouring renovation, 61% said they liked their current home and neighbourhood, while 42% cited the cost of moving and the stress and disruption involved. A further 41% said house prices were too high.
The research highlights a potential gap between homeowners’ intentions and their ability to fund projects. While half of respondents said they would use savings to pay for a major renovation, only 34% had a dedicated home improvement savings fund.
Of those with savings set aside, 46% had less than £5,000 and 75% had less than £10,000. Meanwhile, the most common estimate for the cost of a dream renovation was between £20,000 and £49,999.
Evolution Money’s analysis of third-party cost data put the average cost of a basic kitchen renovation at £10,750 and a bathroom renovation at £5,725. The company noted that the estimates vary according to how individual sources calculate project costs.
The findings also indicate that consumers are increasingly turning to borrowing to fund improvements. Evolution Money’s internal data showed that applications for home improvement loans rose by 7% between 2024 and 2025, while applications for loans between £20,000 and £29,999 increased by 13%.
The average value of an approved home improvement loan rose from £9,527 in 2016 to £21,005 in 2025, an increase of 120.5%. Loans below £20,000 still accounted for almost three-quarters of applications, according to the company.
Energy efficiency was another area of interest, with 75% of homeowners saying they would consider improvements specifically intended to reduce energy bills. However, the upfront cost of upgrades remains a potential barrier for those with limited savings.
The report, published in October 2026, combines consumer survey responses collected in July with Evolution Money’s internal lending data and third-party estimates of home improvement costs.
