• People are spending on average just under £16,000 on their renovation work, with nearly 1 in 3 (29%) spending over £20,000

• New bathrooms (31%) and kitchens (27%) are the most popular interior makeovers, with a similar number upgrading their garden (30%)

• More than 1 in 5 (22%) didn’t check their home insurance before carrying out work – rising to more than 1 in 3 older homeowners (37% of those aged 45+).

Facing high mortgage rates and a slow property market, more than half of UK homeowners (52%) say they’ve either renovated in the past 12 months or plan to do so in the year ahead – choosing to improve rather than move.

New research from the Compare the Market home insurance team reveals the top reasons for staying put include the cost of moving (29%), cost-of-living pressures (27%), and emotional attachment to their current home (26%).

For younger homeowners (aged 25-34) high mortgage rates were the single biggest factor (29%).

Those living in Manchester (63%), (London 61%) and Edinburgh (60%) are the most likely to have picked a revamp over relocation – with Sheffield (38%), Belfast (30%) and Liverpool (30%) much more likely to move.

Bathroom and kitchen revamps were in the top interior renovation projects, with Brits spending an average of £15,987 on their renovation. But more than 1 in 3 (29%) say they spent more than £20,000.

Most popular home renovations and the % of respondents

Bathroom remodel 31%

Garden transformation 30%

Kitchen remodel 27%

Energy efficiency upgrades 21%

Smart home tech installations 20%

Not all those costs were planned, with the vast majority of homeowners (88%) saying they’d encountered unexpected expenses during renovation work.

The most common surprise cost was the price of materials (37%), while 1 in 4 (25%) had to fix issues uncovered during the work, and more than 1 in 5 (22%) said they had to pay tradespeople more than expected.

With so many facing surprise expenses, failing to check your home insurance (https://www.comparethemarket.com/ps/home-insurance) could make things even worse.

More than 1 in 5 (22%) homeowners who carried out work in the last year say they didn’t check their insurance before starting work, rising to more than 1 in 3 (37%) of those aged over 45.

Anna McEntee, Home Insurance expert at Compare the Market, said: “Renovating instead of relocating can be a smart financial move, but it’s important to make sure your insurance reflects the changes you’ve made. And with so many homeowners encountering unexpected costs, the last thing you want is to find out you’re not properly insured.

“Even if the work is carried out professionally, projects that affect the structure, value or use of your home can impact your cover. Speak to your provider before getting started (https://www.comparethemarket.com/home-insurance/content/home-improvements) as they might consider having building work done as an extra risk to your home. And review your policy when the work is done, especially if the renovations have increased the value of your home or altered its layout. You need to make sure your policy still gives you sufficient cover as you don’t want to end up underinsured.”

Helpful home insurance information from Compare the Market

• Home insurance during renovations – what to check before you start work (https://www.comparethemarket.com/home-insurance/content/home-improvements)

• Compare home insurance policies – make sure your cover matches your home upgrades (https://www.comparethemarket.com/ps/home-insurance)

ENDS

Notes to editors:

The research was devised by Sticky (PA Media) and conducted by Censuswide, among a sample of 1,000 UK homeowners, aged 18+ (with a minimum quota of 200 respondents aged under 35). The data was collected between 26.03.2025 - 31.03.2025.

About Compare the Market

Compare the Market was launched in 2006 and has grown rapidly over the past nineteen years to become one of the UK’s leading price comparison websites.

Compare the Market provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel, and pet insurance as well as utilities and money products such as credit cards and loans.

Compare the Market actively works with its brand partners to help provide great services to customers.

Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.

Compare the Market is a trading name of Compare The Market Limited. Registered in England No. 10636682. Registered Office: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Compare The Market Limited is authorised and regulated by the Financial Conduct Authority for insurance distribution (Firm Reference Number: 778488). Energy and Digital products are not regulated by the FCA.

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