Britain is pouring record sums into repairing and upgrading older homes. The latest report from Houzz reveals that homeowners who renovated in 2024 spent a median £21,440, a 26 per cent increase on the previous year.
At a time when renovation costs are rising sharply, local housebuilder Cavanna Homes believes more buyers are recognising the financial logic of purchasing a brand-new home instead.
The scale of that £21,440 figure is striking. More than half of UK homeowners undertook renovation projects last year, according to the research, turning kitchens, bathrooms and outdated layouts into modern living spaces. In most cases, these were not cosmetic upgrades but substantial works, with nine out of ten homeowners bringing in professional help.
For buyers considering an older property, that median £21,000 outlay has become part of the real purchase price. Energy efficiency upgrades, new heating systems, insulation improvements and structural alterations can quickly push budgets higher, particularly in ageing housing stock that was not designed around today’s expectations.
New homes offer a different equation. Built to current building regulations, they typically achieve strong EPC ratings and incorporate high levels of insulation, modern glazing and efficient heating systems from day one. Lower energy use means lower running costs, providing clarity for households wary of unpredictable bills.
There is also the issue of risk. Renovation can uncover hidden problems, from outdated wiring to ageing roofs, adding further expense and delay. By contrast, a new build home comes with newly installed systems and structural warranties, reducing the likelihood of unexpected costs in the early years of ownership.
At Cavanna Homes, contemporary layouts, integrated kitchens and energy efficient design are built in as standard. Instead of committing more than £21,000 to modernise an older property, buyers can move into a home created around the way people live now.
As renovation spending continues to climb, the calculation for homebuyers is shifting. The £21,440 median spend is no longer just a statistic. It is a reminder that buying new may offer not only convenience, but financial certainty from the outset.
For more information on the energy efficient homes built by Cavanna Homes for today, visit cavannahomes.co.uk