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MILLENNIAL HOMEOWNERS ARE THE MOST ACTIVE HOME UPGRADERS

Millennial homeowners in the UK are active home upgraders, according to the 2016 Houzz & Home survey from Houzz.

Millennial homeowners in the UK are active home upgraders, according to the 2016 Houzz & Home survey from Houzz, an online platform for home renovation and design.

The survey, of more than 10,300 respondents in the UK and over 225,000 respondents globally, revealed that more than half of UK Millennial homeowners on Houzz (aged 25-34) renovated their home in 2015 (57% versus 57% for those 35-54 and 57% for those 55 and older). In terms of decorating, Millennial homeowners on Houzz are even more active than other generations (79% versus 71% for those 35-54, and 68% for those 55 and older). The top trigger for renovations among this generation was the desire to customise a recently purchased home (41% versus 19% for those 35-54, and 13% for those 55 and older).
 
Nino Sitchinava, Principal Economist at Houzz, said: “As the largest survey of home renovation, decorating, and building activity published, Houzz & Home provides unprecedented insights into how homeowners are updating their homes, including, increasingly, Millennials.

“While the generation of homeowners between the ages of 24 and 34, still comprise a small share of the homeownership population we’re finding that they are quite active when it comes to home upgrades, and are eager to make their homes their own.”
 
Nearly two in five of renovating UK homeowners are improving instead of moving, due to their desire to stay in their current home (38%). Almost one third choose the renovation route in order to remain in their current neighbourhood (30%). Financial considerations such as renovation providing a better return on investment (27%)or being a more affordable option (29%) trail somewhat behind. For Millennials, however, financial considerations are more top of mind –39% cite a better return on investment as the second top reason for renovating versus buying, followed by affordability (35%). More than anything, however, Millennials want a personalised home that fits their vision for what a home should be (41%). 
 
THE BREAKDOWN

• Brits are a nation of nesters – 40% chose to improve rather than move last year
• Average spend on UK home renovation was £42,700 last year
• Millennial homeowners are an increasingly active presence in the home improvement market
• 92% of UK homeowners employed professional help
 
Flooring

• Flooring was one of the top features replaced during home renovations in 2015
• 43% of Brits hired carpet/flooring experts when replacing their existing flooring
• In the top UK renovation project (bathroom) 80% of people changed their flooring
• Many renovation projects included new flooring, including;
o 73% of kitchen renovations
o 42% of living room renovations
o 44% of bedroom renovations
o 49% of dining room renovations
o 48% of entrance hall renovation

The full report can be viewed here.

www.houzz.co.uk

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