Home movers on track to spend £5bn on home improvements, appliances and furnishings

Research by Manor Interiors, the experts in build-to-rent furnishing solutions, has revealed that home movers are on course to spend an estimated £5bn on furnishings, appliances and home improvements in 2021, although this spend is still down 22% on pre-Covid levels.

Manor Interiors analysed data from 2019 on the value added by UK home movers to sectors including home furnishings, appliances, home improvements, home sundries and electricals, before looking at the market in 2021 to see how this spend has changed.

The figures show that in 2019, an average of 1m of us moved home per quarter spending an additional £1.7bn on our new homes in the process. However, this has fallen to 530,000 per quarter in 2021, reducing this spend by nearly £375m.

But despite this reduction, home movers are still spending £1.3bn on perfecting their homes every quarter with this spend estimated to hit over £5bn by the end of the year.

The big three where this spending is concerned are home appliances (35%), home improvements (32%) and home furnishings (20%), each accounting for a considerable proportion of money spent on our homes during the moving process.

In fact, home movers are on course to spend £1.8bn on home appliances in 2021 (£453m per q), with a further £1.6bn spent on further home improvements (£408m per q) and £1bn on home furnishings (£260m per q).

Manor Interiors also estimates they are on course to spend £391m on home sundries and £285m on electrical goods.

CEO of Manor Interiors, Farhan Malik, commented:

“Despite purchasing the most expensive asset they’re ever likely to own, many home movers will also have a substantial budget in place for perfecting their property and this usually centres around tailoring the internal make-up to their own personal taste.

However, this can be an expensive endeavour once you’ve accounted for new appliances, furnishings and any additional home improvements. With more of us opting to rent for the long-term as a lifestyle choice, it’s one area of home moving that the build-to-rent sector has been able to incorporate within its consumer offering to add further value to the consumer.

While you may pay a rental premium when compared to your average buy-to-let property, the property itself will be completely fit for purpose, with all appliances and furnishings ready and waiting. As a result, it can save you a considerable sum of money during the initial moving phase and this is something that holds great appeal with the modern-day renter who prefers a lifestyle built on convenience and ease.”