Homebuyers spend an average of £10,010 on their homes in the first 12 months of ownership, according to new research from Aviva. With around 679,000* owner-occupier moves happening every year, this puts the first-year home makeover tally at around £6.8 billion across the whole of England.
The study of around 1,000 recent homebuyers reveals redecorated bedrooms (47%) and living rooms (43%) are the most popular choices for first-year transformations, although one in five recent movers (18%) install new kitchens in the first year, and the same (18%) splash out on new bathrooms.
A love of fires is evident too with one in 12 (8%) investing in stoves and fireplaces, whereas an ambitious 6% go to the extent of building an extension. And to complete the look, one in four (24%) indulge in new furniture, while one in six (17%) purchase new technology items such as new TVs and surround sound systems.
However, the research reveals that people are far more likely to make cosmetic changes to their new homes than investing in home security. Only 8% of new movers said they purchased any sort of security system in their first year.
Furthermore, fewer than half of recent movers said they updated their home insurance (buildings or contents) after they updated their properties, meaning that some homeowners may be underinsured if they have made significant purchases or changes to their homes.
The research has been compiled to coincide with the launch of the Government’s Help-to-Buy ISA which is available to first-time buyers from 1 December 2015.