Improve don’t move: a new mantra for UK homeowners
As more UK residents choose home improvements over searching for a new property, we outline the latest trends and how your customer can finance their home makeovers in a way that works for them.
Faced with significant fees and stamp duty costs, more of us are choosing to stay put and do more with the space we have. The 2018 Home Improvement Report from Barclays Mortgages found that people were opting to remain in their properties for nearly two decades[1], undertaking several phases of renovations along the way. Interestingly, more than half of UK residents (54%) say they would rather make these changes than face a move.
While making improvements to an existing home often works out cheaper than trading up to a larger home, many projects still require a large amount of cash to get them started. Before your customer gets to stripping the woodchip, we explore the latest trends for home improvement in the UK and outline what can be achieved with a little DIY, determination and POS finance.
Keeping up with the Joneses
In recent years, social media[2] has been reshaping the home improvement landscape, letting us sneak a peek at other peoples’ spaces like never before. The highly-visual nature of Instagram and Pinterest make them ideal for searching for inspiration, in fact, 72 per cent 2 of Instagram users have made purchases after seeing something they like on the platform. The Insta-worthy home is earthy and edgy; casual yet comfortable, with artfully-arranged décor shoots driving users to make purchasing decisions and buy quickly via online photos and videos on platforms like Instagram and YouTube.
Clever kitchens
A dream kitchen can dramatically increase the value of a house, in fact, renovating the kitchen alone could add up to £9,275 to a home’s sale price[3]. With so many options out there, how exactly are homeowners adding that personal touch?
From ‘zonal’ kitchen schemes to the ‘anti-kitchen’ taking over from the living room as the heart of the home, the modern kitchen continues to evolve with everyday life. From bespoke pantries and larders to banquette-style seating, adopting a customised approach can give customers savvy design, functionality and storage solutions to help them get the most out of their space. With green, black and navy among popular colour schemes, trough sinks, feature taps and concealed technology join this year’s list of kitchen must-haves – creating a space that is both beautiful and minimalist.
Garden goals
Embracing the great outdoors (when UK weather permits), a ‘garden makeover’ charted at number two in the home improvement survey. With the doors flung open on a warm summer’s day, a perfectly pruned patch is a unique selling point for any home. From sheltered patios to vast expanses of green, a garden offers quiet sanctuary in the fast-paced world we live in – no matter the size. Whether your customer prefers a green-fingered paradise or low maintenance hideaway, creativity is key.
Garden styles for 2019 range from modest to magnificent. While colour-popping perennials, hanging plants and miniature wildflower meadows look set to flourish in the year ahead, other materials such as MDF, metalwork and rubble fuse beauty with practicality. With the extreme weather patterns seen in recent years, creating durable, low-maintenance sanctuaries will become a priority for homeowners shaping gardens of the future.
Bolder bathrooms
Supposed to increase the value of a property by up to £7,532[4], a better bathroom will reward homeowners with relaxation, and a bonus cash boost should they wish to sell in future. Carpeted bathrooms, according to Barclays Mortgages’ report, are the biggest faux pas, and a classic when it comes to fixer-uppers. With the right approach however, this kind of dated décor can offer value for money (particularly for first-time buyers).
Decorative trends dominating this year’s bathrooms veer towards the more ornate, welcoming spa-like calm with a hint of Scandi style[5]. From terracotta tiles and wicker baskets to matt black taps for a more dramatic statement, playful patterns and shapes are also paving the way. Indoor greenery is enjoying a revival as interior and garden design evolve side by side, bringing a breath of fresh air to bathrooms with plants like bamboo and peace lilies.
Exceptional extensions
For homeowners not wishing to move, a house should grow with the family. Extensions remain a popular choice when it comes to more substantial renovations. But how much, on average, would extending a property actually cost? At the top end of the scale, a two storey extension could cost anywhere up to £76,050[6] (and even more in London), while a bathroom extension would set homeowners back by around £5,000 depending on the size.
While extensions can feel like a big hit to the wallet, the long-term gains are worth it. their creativity while providing more space – especially for those happy in their current property.
How you can help your customers
For many of your customers’ large purchases such as a new bathroom or piece of furniture requires the kind of investment that they may not have readily available. In these instances, point-of-sale finance options make these aspirational purchases much more affordable.
An affordable payment plan helps to reduce the stress involved in home improvements, and allows homeowners to enjoy the benefits of their projects sooner. Fixed payments make it easier to budget for the duration of the loan, although the customer will often have flexibility if they wish to increase or decrease their repayments. Barclays Partner Finance offer a number of finance options to ensure your customers can improve their homes on a budget that suits them. However customers should always ensure that they consider affordability and changing circumstances whenever taking out a loan.
[1] https://newsroom.barclays.com/r/3658/uk_homeowners_stay_put_for_nearly_two_decades__choosing_to
[5] https://www.telegraph.co.uk/lifestyle/designed-for-wellbeing/bathroom-trends/
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