Homeowners to spend £3,400 on their properties this year
Britain’s homeowners are busy making plans to spruce up their homes, and their renovations will cost on average £3,404 this year, according to new research from American Express.
It found that Britons will spend an average £678 on renovations, £433 on home repairs and £314 on soft furnishings in 2016.
We will also fork out an average £283 on painting and decorating, £266 on living room furniture and £206 on electronic equipment for our homes.
As the weather finally picks up, many of us will turn our attention to our outdoor space, spending an average £190 on gardening materials and plants.
Ready for a refresh
A third of homeowers said they feel their homes could do with freshening up (33%), although the same number intend to do the hard work themselves rather than pay a professional.
Over one in 10 (12%) plan to ask family and friends to lend a hand with their home improvements.
Catherine Prentke, director at American Express, said: “Homeowners are looking to invest in revamping and revitalising their homes in 2016. However the cost of home improvements can soon add up. That’s why we’re encouraging people to consider putting their spend on a card which allows them to earn cashback or rewards on their shopping.”