Mortgage intermediary shares results of consumer research
Almost one in four (23%) households intend on making improvements to their home to try and slash their household bills, such as their energy costs, according to research from the Mortgage Advice Bureau (MAB).
“It’s a challenging time up and down the country with soaring costs – particularly energy bills – having a significant impact on household budgets – and there’s no sign of this slowing down any time soon,” Ben Thompson, MAB deputy chief executive, said.
“To try and combat this, and to slash bills, people are wanting to invest in improving their home to make it more energy efficient. For those who can afford to do so, it can be a double win of improving your home and making it more environmentally friendly, but also cutting costs,” he added.
The MAB research also found that over two-thirds (69%) of households intend to make home improvements to their property. Of this population, two in five (41%) will do so within the next 12 months, and over a quarter (27%) plan to begin their renovations in the next six months.
Painting or decorating (58%) top the list of home improvements, with installing a new bathroom (26%) coming in at second place and redesigning the front garden (17%) the third most popular option.
The list also includes more energy efficient measures. One in six (16%) stated they intend on getting new windows (double or triple glazing), while one in seven (14%) confirmed they will be getting more energy efficient fittings. Insulation to the floor or attic (11%), and the installation of solar panels (11%) were also popular choices for homeowners.
Read more: Rising energy prices leading to uplift in green home improvements.
Among the reasons why homeowners are keen to make improvements to their home, a quarter (26%) aim to make their property more energy efficient, half (50%) said they want to improve the overall look of their property, while one in six (17%) want to improve the EPC rating on their property.
“The Government’s ambitious targets to bring greenhouse gas emissions to net zero by 2050 will no doubt add more stringent measures to EPC ratings in households, therefore, any energy efficient improvements you can make while renovating your home, will go a long way,” Thompson said.
Meanwhile, one in eight (13%) homeowners said they want to make improvements to increase the saleability of their home, while 21% want to increase the overall value.
Half (50%) of the respondents said they want to improve the look of their home, while more than two in five (44%) want to create a better living environment, and a fifth (22%) admitted they needed to make long overdue repairs.
“These improvements don’t need to break the bank. Smaller renovations - whether that’s new energy saving bulbs, installing a smart meter and or thermostat - can actually make a big difference. For those wanting to improve the look of their home, a lick of paint can make a substantial difference without attracting a big price tag,” Thompson remarked.
Mortgage Advice Bureau sampled 2,078 consumers over the age of 18. Of this, 1,109 had or have a mortgage or own their home outright. The research was carried out by Censuswide in April.
