Adults in the UK spend £83bn on home improvements each year, research from digital bank Zopa has revealed.
According to the bank, each individual homeowner spent £3,048 on “sprucing up” their home with furnishings, flowers and renovations.
Zopa calculated that spending over £3,000 on home improvements is more than double what Brits spend yearly on gas and electricity bills (£1,170) and more than they spend on going out for dinner (£1,602), highlighting how valuable homes are to their owners.
Furthermore, the money is not only spent on DIY. The research suggested that, of the overall amount spent on upgrading their homes, the average Brit spent £2,116 per year on furniture and furnishings and carpet.
When it comes to time, Zopa found that adults across the UK spent approximately 108 hours (4.5 days) on improving their home.
Commenting, Zopa chief customer officer Clare Gambardella said: “Everyone has a personal relationship with money. As this research shows, lots of Brits choose to spend their money on upgrading their house so that they can be proud of the place they call home, whether that be through a lick of paint or a spring clean. Our aim is to help people feel good about their money, whether that’s through spending on their home or elsewhere”
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