Zopa: lockdown sparks surge in home improvements
Almost half (43 per cent) of all households spent an average of £3,169 on home improvements during lockdown, a new Zopa survey has found.
This represents a 13 per cent year-on-year increase on spending per household. A further 44 per cent of respondents said that they plan to make their own home improvements by the end of the year.
The most popular place to spend money was the garden, with 77 per cent making improvements there, and 64 per cent improving their outdoor living areas. 63 per cent of households opted to paint their walls in lockdown, while 12 per cent improved their working spaces in anticipation of remote working. Eight per cent of households built their own bars in their homes or gardens at an average cost of £1,500.
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58 per cent of households used their general savings to pay for the renovations, while 27 per cent used savings made from reduced outgoings during lockdown and nearly a fifth (18 per cent) reallocated savings meant for holidays, weddings and birthdays into improving their homes.
“Throughout the last few months, many of us have spent an increased amount of time in our homes and have subsequently invested money on home improvements,” said Clare Gambardella, Zopa’s chief customer officer.
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“Although lockdown is easing, many believe it will have an impact on our socialising and working habits for some time to come so it’s no surprise that people plan to continue improving their homes. We’ve recently launched Zopa bank to help people achieve their financial goals, whether that’s saving or borrowing in order to bring plans to life, we are here to help.”
Zopa’s survey also revealed that 12 per cent of people plan to work from home more in future, with 72 per cent investing in new plants, 69 per cent buying new seating, 64 per cent buying a new desk, and 63 per cent spending on better broadband.
The survey results reflect a changing work/life balance in the wake of the coronavirus pandemic, and Zopa expects the home improvements trend to continue, with 35 per cent of households now creating renovation specific savings goals over one to five years. On average, Brits plan to put aside £2,822 by the end of the year, and £7,068 by 2025.
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