The Rising Popularity of Home Improvements Over Moving House
The Don’t Move, Improve trend has been gaining traction for some time, but 2020 has caused a boom, in part because house moves were interrupted by COVID, but also because people turned to home improvement as a lockdown hobby.
Housing market
During the first lockdown, the government advised that moving house be suspended. Moving house when you can’t physically view a property, while a swathe of businesses operated exclusively remotely or not at all, made moving a logistical nightmare.
When restrictions eased, to get the market – and people – moving again, the government introduced a stamp duty holiday.
So why are so many choosing to stay put?
Reasons NOT to move
Moving house is one of the most stressful life experiences you can have. Can you blame anyone for not wanting to undertake a house move in this of all years? 2020 has thrown enough at us already!
And moving is expensive: buying a house is usually the biggest purchase you will make. Add to this anxiety over job security, personal finances and the economy, and a big commitment like a mortgage might not feel like the best option… if it even is an option.
Young people in particular struggle to get on the property ladder, grappling with high rents, lack of savings for a deposit and rising house prices that massively outpace wage increases.
Millennials
The influx of millennials into the property market has had a huge impact on the home improvement sector. Having saved long and hard to get on the property ladder, first-time buyers often choose cheaper homes that require modernisation or renovation. Millennials are also the first generation to grow up with the internet, putting DIY inspiration and tutorials at their fingertips. And then there’s social media…
Home influencers
Social media has opened doors for people to make a living sharing the insides of their homes with the world. We’re a nosy society; we love seeing how the other half live. For every celebrity influencer giving us a peek into their luxury pad, there are hundreds of accounts showing us how to replicate the designer look for less, if only we had the time…
But of course, lockdown changed everything! Suddenly, forced to stay home, all those put-off jobs were right there in our faces, all day, every day! Armed with YouTube guides and fuelled by changing demands from our properties (home office/ school/ gym), we set about transforming our surroundings.
Home improvement market
Spending on home improvement is up 26% in September 2020, compared with September last year. The home improvement market is growing, so now is an exciting time for home improvement retailers to strengthen their brand, increase customer loyalty and win repeat business. Providing access to finance is one way to achieve continued growth, even in these uncertain times.