Broadway Group’s Home Improvement Trends Report 2023: Unveiling the Latest Insights for Essex and London

Welcome to the much-anticipated first annual edition of Broadway Group’s Home Improvement Trends Report! Packed with exclusive insights tailored for homeowners, homebuyers, and tradespeople in Essex and London, this year’s report leverages extensive proprietary data and nationwide research to offer invaluable guidance for optimising home improvement projects. We’ll cover Loft Conversions, Home Extensions and Garden Rooms in our long anticipated report.

Our comprehensive analysis, drawn from over a million home improvement jobs posted through Rated People and Checkatrade coupled with extensive conversations with thousands of tradespeople, homeowners, and homebuyers across the UK, has unearthed the top five prevailing trends shaping the landscape of home improvement in 2023.

2023’s Broadway Group’s Home Improvement Trends

Trend #1 – Redefining Living Spaces

Beyond the conventional realms of painting, decorating, and typical kitchen or bathroom upgrades, homeowners are now seeking to craft living spaces that echo individuality and entertainment. The pandemic spurred a shift towards adapting homes to accommodate new lifestyles, from remote work setups to home-schooling. However, this year marks a resurgence of injecting fun and personalised touches into home spaces. Expect an influx of requests for enhanced storage solutions, walk-in wardrobes, saunas, home bars, and multifunctional spaces like games rooms and playrooms.

Key interior design trends for 2023 will encompass earthy colour palettes, fluid curved lines, biophilic designs, and an embrace of natural materials. Expect shades of green, beige, and taupe to dominate, while the concept of broken plan spaces gains traction, overtaking the conventional open-plan layouts.

Trend #2 – Navigating Cost Constraints

While the demand for home improvements surged by 23% compared to 2020, the escalating cost of energy and living expenses led to a 15% drop in demand in 2022 as compared to 2021. In 2023, amid a financial recalibration across the UK, fewer homeowners are actively planning home improvement projects, with only 35% definitively committed, down from 52% in 2022. Moreover, 26% remain uncertain about pursuing such endeavours.

The increased expenses in materials and operational costs for tradespeople will inevitably elevate the prices of home improvement projects in 2023. Nearly 9 in 10 tradespeople anticipate further cost hikes this year, resulting in 86% of them necessitating an average price increase of 17% for homeowners.

This surge in costs has instilled concerns among nearly half of UK homeowners about their ability to complete planned projects, while approximately three-quarters of tradespeople foresee work cancellations due to soaring living expenses.

The cost-of-living crisis has also impacted essential home maintenance, with a significant number of homeowners deferring critical tasks, potentially jeopardising safety. Shockingly, some households might even face food insecurities in the event of an unavoidable home maintenance emergency.

Trend #3 – Renovation as an Alternative to Property Market Challenges

Skyrocketing property prices and interest rates have prompted a notable shift in homeowner strategies, with many opting to renovate their existing properties or purchase homes in need of refurbishment to achieve their dream home without exorbitant costs. Almost half of homeowners engaged in home improvement projects this year plan to undertake complete renovation undertakings, with an additional 23% contemplating similar ventures.

The anticipation is high among tradespeople, with almost two-thirds expecting to be involved in renovation projects in 2023. However, the escalating costs of such projects paint a stark picture—what would have cost approximately £24,000 in 2021 for a three-bed semi-renovation in the UK has now surged to over £34,500 in 2023, a staggering 46% increase in just two years.

Trend #4 – Embracing Eco-Friendly Home Upgrades

Driven by soaring energy prices, an overwhelming 3 in 4 UK homeowners plan to reduce heating usage in 2023. Consequently, the demand for eco home improvements has surged to unprecedented levels, with a 222% increase in requests for solar panels and a 143% uptick in thermal insulation installations within two years.

The eco-conscious wave is evident among tradespeople as well, with 8 in 10 aiming for more sustainable practices in 2023. Electricians, handypeople, and bathroom fitters lead the charge in adopting eco-friendly methodologies, with at least 75% of professionals in these fields striving for sustainability this year.

Additionally, there's a growing inclination toward sustainable renovation methods, with 'part updates' gaining popularity, such as selectively replacing kitchen components instead of complete overhauls—a trend that 70% of tradespeople foresee escalating in 2023.

Trend #5 – Trades as a Lucrative Career Choice

A notable surge in Google searches for ‘career switch’ by 38% over the past two years underscores a burgeoning interest in the trades industry as a career option. Surprisingly, a quarter of the UK population now expresses interest in pursuing trades, with an increasing number of career switchers eyeing this field over others in 2023.

The industry's significant workforce shortages have amplified the appeal of trades as a career choice, with one in three current tradespeople having transitioned from other professions. Nearly two-thirds of tradespeople affirm earning more in their current trade careers compared to their previous vocations.

Despite this promising scenario, less than half of UK adults received guidance about trade careers during their school years. Encouragingly, there's a 40% surge in trade training and enrollments in 2022, hinting at a positive shift in career perceptions among the younger generation.

In conclusion, Broadway Group's Home Improvement Trends Report for 2023 reflects a dynamic landscape characterised by evolving homeowner preferences, cost challenges, sustainability drives, and an emerging recognition of the trades industry's lucrative potential. As we navigate these trends, Broadway Group remains committed to delivering unparalleled expertise and innovation in home extensions, loft conversions, and luxury garden rooms across Essex and London.

At Broadway Group, we're passionate about creating spaces that enhance your property. Contact us today and explore how our expertly crafted home extensions in Harlow, Chelmsford, or Enfield can transform your home.