WHAT’S NEW?
ALMOST 70% OF HOMEOWNERS PLANNED LOCKDOWN HOME RENOVATIONS
Houzz, the online platform for home renovation and design, has released findings from a recent survey* of its community of homeowners to find out how the coronavirus pandemic impacted their home improvement projects.
The survey of more than 3,700 UK homeowners using Houzz, found that three in five respondents were inspired to start a home renovation or design project during the pandemic (68%).
When it comes to financing a project, cash is the preferred method for the majority (68%). Of those that opt for cash, more than a third of homeowners – who had undergone a renovation or are planning a project during the pandemic – report that some or all of those savings are a result of decreased spend in other areas during the pandemic (36%). Reduced holiday costs, entertainment costs and commuting costs were the biggest areas for savings (31%, 27% and 17%, respectively).
RESIDENTIAL SECTOR DRIVES RECOVERY IN CONSTRUCTION PROJECT STARTS
Construction project starts are making a return to pre-lockdown levels, driven primarily by growth in the residential sector, new figures have confirmed.
According to the March Index from construction market analyst Glenigan, the value of underlying construction projects (under £100 million) commencing on-site during the three months to February was 3% higher than the previous year and 4% higher than the preceding three months on a seasonally adjusted basis.
Residential work starting on-site was responsible for the growth, climbing 30% against the previous year and 17% compared to the preceding three- month period.
Non-residential project starts declined 18% compared to a year ago but
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Among those that have completed or are currently in the midst of a project, professional hiring remains high at 76%. More than half of those currently planning a renovation will hire a professional’s help (59%).
Digital tools, such as invoicing and payments, visualisation tools and video calls (33%, 16% and 13%, respectively) are helping homeowners
climbed 1% against the previous three months.
Underlying infrastructure work starting on-site struggled during the period, falling 19% against the previous year and 25% compared to the preceding three months.
Rhys Gadsby, Economic Analyst at Glenigan, commented on the latest figures: “It is positive to see project starts return to pre-lockdown levels, despite the current COVID-19 restrictions.
“The fact that construction starts during the three months to February 2021 were higher than a year ago will also provide the industry with some degree of confidence. The recovery to date has been in-line with our 2021 – 2022 forecasts and the construction industry is poised for further
to work remotely with professionals. Among those utilising these technology tools, three in five say they feel more comfortable moving their project forward during the pandemic as a result (60%).
*Data was sourced from an online survey fielded to UK Houzz users between 10th
- 24th
www.houzz.co.uk December 2020.
growth over the coming months as the UK’s vaccination programme helps to unlock the economy.”
www.glenigan.com
www.tomorrowsretailfloors.com
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