New research reveals this generation spends the most on their home

It's no surprise who topped the list

kitchen by loaf
(Image credit: Loaf)

It goes without saying that over the past year, we've come to value the impact our home environment has on our health and happiness like never before. 

When it comes to splashing the cash to keep our homes feeling and looking their best, it's millennials who invest the most, according to new research.

Some experts recommend that homeowners spend 1% of their property value on  upkeep and DIY projects every year - in order to maintain its worth.

bed and bedside table

(Image credit: Loaf)

Given that the average UK house price is currently £255,000, this would mean Brits should spend around £2,550 a year updating and tweaking their abode. But a study by sofa and carpet specialist ScS found that three-quarters of the nation spend less than this. 

Over half (56%) spend under £1,000 each year and one in six (17%) spend under £250. Of all age groups, millennials (those born between 1977 and 1995) spend the most money on their homes, averaging £6,574 a year.

43% of those aged between 25 and 34 years old spend over the recommended amount, according to the research. Plus, their average spending is the highest of all the generations.

pink Loaf sofa and coffee table

(Image credit: Loaf)

House-proud millennials are also the most likely age group to spend over £50,000 a year. Meanwhile, 45-54-year-olds have, on average, the tightest pockets and are the most likely to decide not to spend anything on their home.

ScS also looked at the home improvement jobs we put off doing. Surprisingly, carpets were found to be the area least likely to be updated (36%) despite the fact they're a key feature in many homes.

Bruna Pani, from We Buy Any House, explains why it is important to make sure you replace old carpets ever 5-15 years. 'Whether it's due to spills, careless footprints, or just general wear and tear, your carpet will always need replacing in due course,' says Bruna.

hallway with carpet and pink front door

(Image credit: Carpetright)

'A new carpet can freshen up and revitalize your living space and make your flooring look amazing once again.' Re-painting the exterior of the house, re-painting the interior of the house and replacing the boiler were also high on the list of unappealing jobs. 

'Investing in their upkeep and refreshing your living areas is a really valuable exercise, not only for your well-being but for your house too,' comments Amy Forster, content executive at ScS.

'It helps keep your home fresh, nice to live in and attractive to buyers, should you wish to move,' she says.

Millie Hurst

Millie joined Real Homes in January 2021 as a homes news writer. When she isn't writing about trends, makeovers and houseplant care, she spends her free time making tweaks to her rented flat in North London. Her next project is a very basic armchair reupholstering job to help create a cosy reading nook in her living room. She loves browsing antique centres, tending to her small front garden, and is never without some fresh flowers at home.


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