The kitchen has been named as the most popular room to renovate, according to a new survey by comparethemarket.com, with a quarter of families choosing to refurbish this room as homeowners commit to staying in their current homes for around eight years on average.
According to the survey – which questioned 1,000 UK homeowners – close to 30% of homeowners are delaying plans to move due to economic uncertainty. After the kitchen, the bathroom is the second favourite room to renovate, comparethemarket.com said.
A new kitchen can add 5.8% additional value on average to a home, or around £9,605, while a new bathroom adds on average 5.10%, or around £8,445, the survey said. However, homeowners have a tendency to undervalue their renovations for these rooms by £3,000-£4,000, comparethemarket.com added.