The Home Improvement Index 2024
Regional Profiles: South West
The region gets more than its fair share of wealthy incomers, particularly retirees and downshifters from London and the South East, looking for a more relaxed place to live. High on the list is of boroughs is South Hams, embracing Dartmouth, Salcombe, and Totnes. In 2023, it topped the regional home improvement rankings, moving above Cotswold, a destination cherished by many among the uber-wealthy.
South West - Change in applications by type 2022 & 2023
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South West house prices were slightly down in 2023, but up more than average over the period since 2019. Earnings growth over the past few years has also been up slightly on the average. The influx of well-to-do retirees to the South West means that wealth tends to play a bigger part in defining the region’s home improvement market than elsewhere, generally making it more stable. And, overall, the market has held up better than the national average in the period 2019 to 2023.
South West - Regional Home improvement apps per 1k private homes
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2023 saw applications fall across most of the main types of home improvement. Those for garden and extension works fell more than the national average. Those for loft works fell below the national average and in 2023 remained above the 2019 figure. The region saw solid growth in applications for projects citing insulation and solar panels, outperforming the national trend since 2019, as it has for home offices.
South West - Average House price at Dec 2023 & annual change
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South West - Top 10 Districts for home improvement
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*given the impacts of the pandemic, 2023 is compared with 2019 as benchmark
South West - Share of regional applications involving key types in 2023
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*Note: A single application may include any number of the above key types
South West - Regional spending on alterations and improvement to homes over 2021 and 2022
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Source: ONS, Family expenditure survey
Caveat: The data can vary significantly year to year given sample the sizes. This is partially smoothed in our use of the data by taking an average over two years
