Homeowners Spend £3.5k A Year On Home Improvements

timber frame home

Raising enough money to buy a timber frame home is the first stumbling block for many people, but once they have the keys to their homes, they have to then continually spend money to maintain and update the property.

According to the latest findings from Lloyds Bank Insurance’s Britain at Home report, Brits spend on average £3,579 every year just on the interior of their house or flat.

Unsurprisingly, upkeep in the kitchen costs the most with £938 typically being spent on this every 12 months, compared with £584 for the living room, £527 on the bathroom, and £423 on bedrooms.

Despite such investment being spent on the interior of the property, 57 per cent of homeowners in the UK spend less than £250 a year on their outdoor spaces.

Senior claims manager for the bank Tim Downes said: “Homeowners place a high value on their outdoor spaces, yet there is a significant lack of investment in the upkeep of these spaces.”

He emphasised the importance of outdoor maintenance to prevent roofs leaking, problems with damp and poor guttering, adding that if these are left untreated, they can be “expensive issues to rectify”.

Additionally, 12 per cent of homeowners think having unsightly neighbourhoods will reduce the value of their property, as more than half of homebuyers look for a home that is well looked after on the outside.

This could have an impact on average property values if homeowners continue to neglect their gardens and house exteriors.

According to the Land Registry House Price Index for March 2016, the typical price of a home in the UK was £189,901, a 6.7 per cent rise since the year before.

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