Surging house prices are leading more people to renovate than move house.

Fintech company Revolut’s consumer spending analysis tracks millions of card payments each month to indicate real-world spending trends by customers. 

With house prices rising at its fastest annual pace for two years in September, many homeowners are choosing to invest in renovating their current properties instead of moving house. 

Spending on architectural firms and surveyors jumped by 20% in the last year as demand grows for renovating planning services. Trade contractors have also seen significant spending growth, with spending up 26% on the last quarter, as renovations get underway ahead of Christmas. 

Meanwhile, others are flexing their DIY skills to cut renovation costs with users spending 30% more on flooring (Q2vQ3) and 14% more (Q2vQ3) on masonry, stonework and plastering – indicating a spike in ambitious home makeovers as homeowners look to elevate and expand their spaces. 

Heating and plumbing, essential components in many renovation projects, also saw a surge, with spending up by 22% on the last quarter (Q2vQ3). Additionally, household appliance purchases increased by nearly a third (30% Q2vQ3), and soft furnishings and furniture saw notable growth (23% (Q2vQ3) as homeowners fine-tune their interiors.

A spokesperson for Revolut says: “As house prices continue to soar, we’re seeing a strong shift towards renovation over relocation. Homeowners across the UK are embracing DIY and investing in everything from structural work to interior upgrades, indicating a growing trend to enhance existing spaces rather than face the costs and challenges of moving.“