The home

Part of the Life Well Spent Report 2026

Our house is our haven – but what makes the ‘perfect’ home? And can we afford to make home improvements while the cost of living is still so high?

The average homeowner over 50 has seen their house rise by over £190,000

It won’t come as a shock to many that most house prices in the UK are still rising.

In fact, on average this year’s respondents aged over 50 say the value of their home has gone up by 123% from £155,168 to £345,271 over 23 years, which is the average length of time they’ve lived in their current home. 

Almost a third (32%) of people over 50 have lived in their homes for over 30 years. And just under a third (32%) spent less than £60,000 on purchasing their property.

Gardens and safe neighbourhoods make a house well loved   

The monetary value of their property isn’t what matters most to people. Instead, 37% of over 50s say their garden is one of the most loved parts of their home. 34% say it’s the safe neighbourhood, and 30% the local nature and parks. Amenities such as shops and schools, plus being near family and friends, tie in fourth and fifth place at 25% and 24% respectively.

Only 7% of people say the value of their house is their favourite thing about it.

In comparison, under 50s are more likely to value good memories (18%) and the value of their home (12%), with less focus on a safe neighbourhood (29%) or their local environment (19%). However, both over and under 50s value being close to friends and family (24%), suggesting that relationships remain a constant priority throughout life.

1 in 5 say they don’t want to move house but might have to

70% (up 1% since 2025) of over 50s say they love their home, with 48% (+4%) saying they don’t want to – or need to – move house. This rises to 67% (+8%) for the happiest people.

21% are planning to relocate – 10% more than last year. While 7% (same as last year) want to move, downsize or relocate, but can’t afford to. This rises to 19% (+4%) for the unhappiest people. And 2% of people want to move, but can’t due to non-financial reasons.  

Almost three quarters of over 50s spend on home improvements

Over 7 in 10 (73%) of people over 50 have spent money doing up their house in the last five years.

Painting and decorating is still the most popular home improvement, with 44% of over 50s (-6% than 2025) picking up a paintbrush, compared to 36% of all UK adults. This is followed by new carpets and floors at 28% (-1%), and garden landscaping at 21% (+1%). A new bathroom is at 19% (same as 2025).

A new kitchen, which came fifth in our first report in 2022, doesn’t make an appearance in the top five home improvements which people over 50 are making this year. Instead, the newly added category of 'a new boiler / plumbing / electrics' comes in fifth place at 19%.

 

Home improvements make us happier

Just like in previous years, spending money on home improvements makes people happier. Overall, 77% of over 50s who spend on home renovations say they feel happier as a result, and 73% of all UK adults say so too.

For over 50s, just under 9 in 10 say that investing in garden landscaping or a new bathroom made them happier, and 86% say a new kitchen did the same.  Last year’s top renovation for happiness – an extension – is now in fifth place.

But a more affordable way to boost happiness is painting or decorating, with just over three quarters of over 50s (76%) and 4 in 5 (79%) of UK adults saying they are happier as a result – the same as 2025.

People over 50 have spent £10,701 on home renovations in the past 5 years.

Most people over 50 would like a new kitchen

If money was no object, people would still most like to redo their kitchen. 31% of over 50s name it as their dream renovation (-3% since 2025).

Unlike last year, the second dream renovation is painting/decorating at 29%, with new carpets or floors third at 29% (-3%).  A new bathroom follows at 26% (+1%), then garden landscaping at 25% (the same as last year). 

But most don't think they'll be able to afford dream home renovations

People over 50 expect their dream home renovations to cost a modest £22,912 on average. That is £1,581 less than in 2025, and £6,858 less than in 2022. In comparison, under 50s expect their dream project to cost £37,806.

38% of over 50s say they may not ever be able to afford their dream home improvement (-3% since 2025).  But 19% are confident they’ll be able to carry out their dream renovations at some point – 2% higher than the last three years, and 1% higher than in 2022.

Our dream home renovations are expected to cost £22,912

Out of all the age brackets, the over 70s have the most confidence that they can afford their dream renovations (22% – up 3% since 2025). But the happiest people are the most confident overall, with 31% (+5%) saying they can afford it.

For some homeowners, equity release could be one way to make dream home renovations possible.