Aviva’s latest research reveals that nearly seven million homeowners in the UK intend to renovate their homes within the next two years, with an average budget of £14,000 per household. Renovations are being driven by lifestyle changes, remote work requirements, and a focus on energy efficiency.
- Renovation Trends by Demographics
Age Group Percentage Planning Renovations Key Insights
Generation Z (under 27) 73% Younger homeowners are leading the renovation trend.
Millennials (28–43) 65% Renovations often focus on functionality and home offices.
Generation X (44–54) 9% Less active in renovations but still contributing to market demand.
- Key Motivations for Renovation
Remote Working: 25% of homeowners plan renovations to create home offices.
Entrepreneurial Ventures: 13% intend to create space for side businesses.
Multigenerational Living: 17% are expanding homes to accommodate additional family members.
- Regional Insights
Region Popular Renovation Focus
West Midlands 26% plan to install home offices – highest nationally.
London 25% plan extensions; 26% plan additional bathrooms.
Scotland 61% focus on aesthetic improvements, higher than national average.
- Market Implications
Boost to Housing Value: Renovated homes are likely to see higher resale values.
Increased Demand for Sustainable Features: Energy-efficient and modernized homes are becoming a priority.
Shift in Housing Behavior: More homeowners prefer upgrading existing properties rather than buying new ones.
- Conclusion
The Aviva report underscores a major trend in UK home renovation, reflecting lifestyle adaptations, regional preferences, and a strong demand for modernized living spaces. Stakeholders in the housing, construction, and real estate sectors can leverage these insights to anticipate market needs and opportunities.