According to a home renovation report compiled by interior inspiration and renovation site platform Houzz.co.uk, homeowners in the UK planning a renovation of their property in 2017 will spend an average of £23,100 doing so.
And this number almost doubles when you look at what recent homebuyers will spend on renovating their property – a whopping £42,219, on average.
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Looking at the average spend figures for homeowners between 2015 and 2016, most of this money is likely to be spent on renovating the kitchen, which cost an average of £11,700 in larger kitchens and £8,100 in smaller spaces in 2015-16.
This level of spending decreased by almost half in bathrooms, with an average spend of £6,300, which comes in as the second most expensive interior change undertaken in the same time period.
And of all the renovation jobs tackled in 2016 by homeowners, 32% of work was carried out in the bedrooms, closely followed by bathrooms at 29% and the living room and kitchen at a joint figure of 28%.
Interestingly, home sellers are also spending considerable amounts of money renovating and redecorating their property before they put it on the market – an average of £19,640 to be exact – with an aim to help sell their home faster.