FUNDING YOUR DREAM HOME: OVER HALF OF BRITS RENOVATED THEIR HOMES LAST YEAR

• Lockdown sparks DIY projects as new research reveals over half of Brits (55%) made changes to their home last year
• One in 50 bought a hot tub or pool over the next year
• 3 million homeowners (17%) who made improvements in last year did so to impress neighbours and friends

Hot tubs used to have a questionable reputation, but since lockdown it seems that Brits have been investing in their outdoors space and like nothing more than sitting in their garden with family or friends in hot water, perhaps with a glass of something cold.

New research commissioned by Selina Finance, a fintech that is the first to bring Home Equity Line of Credit (HELOCs) to UK homeowners, reveals that one in 50 homeowners installed a hot tub or pool last year with another 650,000 considering the purchase over the next year.

The research found that over half of Brits (55%) made improvements to their home last year, with a fifth (22%) prioritizing outside renovations including garden landscaping, paving and driveways, or adding a pool or hot tub.

Aside from outdoor improvements, bathroom renovations are a key priority for almost 3 million Brits (9% of all homeowners), followed by kitchen extensions or renovations (6%). 1.3 million homeowners plan to make their home more sustainable, for example with solar panels.

The top motivation for the home improvements was to add to the value of the property (23%). However, of the 17.9 million UK households who made changes to their home in the last year, 3 million (17%) made the renovations to have as good a house, or the best house, among neighbors and friends. And it seems that they are not alone in their quest to impress others with 18% making home improvements to create more or new space for entertaining and leisure.

When it came to financing the home improvement, the overwhelming majority dipped into savings or investments (73%), 15% added to their credit card bill whilst almost one in 10 (9%) remortgaged.

The top 5 home improvements planned by homeowners in 2021/2022

Hubert Fenwick, Co-founder, Selina Advance, said: “The recent lockdowns have made us all think differently about our homes and it’s made many of us aspirational about how we want our homes to look, feel and operate. This looks set to continue as a further 15 million Brits have their sights set on upgrading their homes in the next 12 months and many of these will benefit from using a HELOC which gives greater flexibility and affordability.  You only pay for what you need, when you need it.”