In 2024, a significant trend is emerging among UK homeowners, varying between the renovation of their existing homes and the allure of buying new properties, particularly ‘fixer-uppers’. This trend, especially prevalent in London, offers a fascinating insight into the evolving landscape of the residential property market.
The ‘Renovation Boom’ in the United Kingdom
London, a city known for its dynamic property market, is witnessing a surge in home renovations. 2023 marked a substantial year for renovation in the capital as the city accounted for 14% of all granted planning applications nationwide. This year looks like a promising continuation as homeowners are increasingly choosing to upgrade their current homes rather than relocate.
This trend is driven by a desire for personalised living spaces and the high costs associated with moving. Popular renovation projects in London include modernising kitchens and bathrooms, adding extensions, and converting lofts, all aimed at enhancing living quality and property value.
Choosing Renovation Over Relocation
Selling a home can be expensive so many homeowners are choosing the cheaper option to renovate their existing property instead. This preference stems from a variety of compelling reasons, reflecting the evolving priorities and lifestyles of homeowners in 2024. For many, the decision to renovate is also an investment strategy.
Thoughtful and well-executed renovations can significantly increase the value of a property. This is particularly appealing in a property market where prices continue to rise, as it offers homeowners the potential for a substantial return on their investment in the future.
Renovation also offers homeowners the unique opportunity to tailor their homes to their exact preferences and needs, without having to start property hunting for the ideal home. Whether it’s creating a dream kitchen, adding an extension for a growing family, or incorporating sustainable and energy-efficient features, renovating enables a level of customisation that is often not possible when buying a new property.
Value-Adding Renovations: Kitchens & Bathrooms Remain Top Focus
In property renovation, certain upgrades stand out for their ability to significantly boost a home’s market value. Kitchens and bathrooms are at the forefront, with modern, energy-efficient, and aesthetically pleasing designs proving the most popular.
These renovations not only increase a property’s financial worth but also its appeal to future buyers, blending functionality with contemporary design. Many new-build housing developments focus on modern fitted kitchens and some even showcase bespoke kitchen designs in their show homes.
Many experts provide their say on the 2024 renovation projects which will help add value to homes, with kitchen and bathroom renovations remaining top of the list. While it can be tempting to add personality and creative styles to your bathroom, experts suggest it’s often best to avoid any bold or overly unique designs in order to make the home appealing to potential buyers.
Speaking with Homes & Gardens, licensed realtor Jen Turano supports this idea and suggests using ‘materials, colors and finishes that are universally appealing…’ as ‘…you want the room to resonate with as many people as possible.’
The Rising Interest in ‘Fixer-Upper’ Homes
Parallel to the renovation wave, there’s also a growing interest in ‘fixer-upper’ homes right now. These properties, often in need of significant work, are attracting a new breed of homeowners keen on crafting their dream homes from scratch. This trend is fuelled by the desire for a personalised home, the challenge of a project, and the potential financial rewards of turning a rundown property into a valuable asset.
A variety of factors contribute to this rising interest in homes in need of major refurbishment and renovation. The rising costs of moving, the scarcity of ready-to-move-in homes, and the potential for significant value appreciation post-renovation, are reshaping the UK’s property landscape, as more homebuyers opt to create their perfect homes through renovation rather than seeking them out in the market.
Buyers may also just want a fixer-up home to start from scratch with renovations or even try their hand at home DIY. Whether it’s installing wall panelling for a new feature wall or better cable management for a sleek and wire-free living room, buyers can hire expert professionals or find everything they need from hardware stores. A lot of renovation jobs need the proper fixings and fastenings such as anchors and nails to make sure everything is secure and properly fitted.
Celebrity Influence on Home Renovation Trends
The influence of celebrities on home renovation trends is also undeniable. Many celebrities are embarking on their own renovation projects, sharing their journeys on social media and even dedicating home interior Instagram accounts to showcase their progress.
While model Chloe Lloyd is decorating with metallic finishes, abstract furniture, and graphic wall art, Fitness star Lucy Mecklenburgh and Ryan Thomas have been renovating everything from a nursery and kitchen, to their hallway and dining room and using a muted white and grey colour palette.
Celebrities showcasing their interior designs have sparked a wider public interest in home renovations, inspiring homeowners to undertake similar projects and infuse their homes with a touch of celebrity-inspired glamour.
Transforming Existing Homes & New Ones
In 2024, UK homeowners are at a crossroads, choosing between renovating their existing homes and embarking on the adventure of buying and renovating ‘fixer-uppers’. Each path offers its own set of rewards and challenges, reflecting the diverse needs and aspirations of homeowners.
Whether it’s through personalising an existing space or transforming a neglected property, the common thread is the pursuit of a home that not only meets practical needs but also fulfils personal dreams and aspirations.
