Home Property Home buyers’ affordability has been hit hard in recent months with searches for ‘can I afford to buy a new house?’ up by 400%

Home buyers’ affordability has been hit hard in recent months with searches for ‘can I afford to buy a new house?’ up by 400%

by LLP Staff Reporter
30th Aug 22 5:23 pm

Carpet and flooring retailer Tapi have conducted research to reveal the top renovations Brits undertake when they move into a new home, and how much they are spending on them on average – with the research also revealing the percentage of Brits who regret moving into their new place as a result of their renovation spends.

The most common alterations made by Brits once they move home are painting (44%), ripping up carpets or flooring (34%), redoing the kitchen (34%) or bathroom (33%), and renovating the outdoor space (29%).

Read more property news:

Energy price rises see ‘bills included’ tenancy numbers plummet

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Nationwide increases maximum Loan to Income to 6.5 on like-for-like remortgages

Inflation is impacting house price growth for the average seller

Almost two-thirds – 61% – of Brits have spent money on essential changes such as resolving damp, installing double glazing, insulation, and installing better heating or electricity systems, and 17% spend between £2,500 and £5,000 on renovatons.

Over 30% of people have spent over £10,000 on changes to their new place, and 6% have spent over £25,000.

Most shockingly, one in five surveyed (20%) said they regretted purchasing their first home because of how much it cost to renovate.

Johanna Constantinou, Brand and Communications Director at Tapi said, “As if purchasing and renovating a new home isn’t enough of an expense, there are important steps in the process that can go overlooked if you’re rushing to get your perfect home sorted.

“We hope these insights and tips will help new homeowners undergo a smooth, efficient renovation with as little stress and expense as possible.”

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