Almost 7million UK homeowners plan to renovate their homes over the next two years, according to the recent How We Live report by insurance expert Aviva.

The report states consumers will spend more than £14,000, with a view to creating adaptable and energy-efficient living spaces, reflecting multigenerational living and home working practices.

Renovation plans are popular among younger age groups, with close to three quarters (73%) of Generation Z (aged 27 and under) and two thirds Millennial (aged 28-43) planning to carry out work.

Sponsored Video

Domus transforms tile showroom into dream space for interior designers and architects

The requested content cannot be found

Domus transforms tile showroom into dream space for interior designers and architects

Among those homeowners planning renovation, 1:5 plan to extend the layout of their homes.

Within this group, a quarter (25%) planning changes attributed to home working practices, including 15% who want to create a home office.

It further revealed more than 1:10 UK adults live with their parents and that multigenerational living is one of the factors driving an increase in UK home extensions.

As expected, 16-24 year olds are most likely to share a home with their parents (38%).

However so do 16% of 25-44 years olds, as well as one in 11 (9%) of Generation X (45-55 year olds).

It may explain why 17% of those reconfiguring their home’s layout plan to add more bathrooms, toilets or shower rooms.

The Aviva How we Live report also highlights homeowners are planning to make their homes more energy efficient.

More than half of those surveyed (56%) said they had made energy efficient improvements during the last two years, and it found half of the remainder also had plans to do so.