When it comes to property, the generations are often at odds with each other; Baby Boomers have benefitted from rising house prices, while younger Millennials struggle to get on the housing ladder or buy somewhere big enough to start a family.
A new survey by The People’s Postcode Lottery suggests that this generation gap runs even deeper and that, should they win the Lottery, the age groups would also spend their bounty on very different types of home improvements.
Older generations, including Boomers and Late Gen X-ers, didn’t care about luxury, instead 23 per cent preferred to put a hypothetical lottery win towards upgrading their kitchen space, fitting new flooring and carpets (20 per cent) and improving their garden (19 per cent).
This is a stark contrast to Millennials, 24 per cent of whom would make installing luxury home technology a priority. Adding more space was also high on their agenda, with 29 per cent saying that they’d build an extension and 23 per cent stating they’d knock through walls.
Gen X, who sit in the middle, tended to be more inclined towards Boomers, preferring to use a lottery win to fit a new kitchen (24 per cent) and redecorate (17 per cent).
But in terms of what Londoners in general would spend a big win on, the survey found that 22 per cent would fit a new kitchen, 20 per cent would redecorate and 18 per cent would add new flooring and carpets.
The data suggests Londoners are more aligned with Boomers and Gen X when it comes to prioritising home improvements, with only 11 per cent up for building an extension, 13 per cent adding smart technology and 7 per cent knocking through rooms.
Kitchens, then are the big priority, which we reflected in our recent Top 10 Kitchen Trends for 2024.
“Choosing a new kitchen can be a costly project therefore you want to get it right and avoid any costly mistakes, as it is likely you won't be changing it for years to come. With that being said, you may want to opt for a timeless look that will last. Depending on the style of the house, shaker-style kitchens can be a great option,” says interior designer Sophie Clemson from The Living House.
“When redecorating your home, it's important to consider how you want it to feel and how it needs to work for you and your family. Ideally, you want to create a flow within your home between each room, this could be with colour schemes and styles.”
Here’s the full run down of how Londoners would spend a lottery win on their home:
Fit new kitchen - 22%
Redecorate (e.g. paint walls) - 20%
Fit new flooring/carpets - 18%
Fit new bathroom - 17%
Garden improvements - 13%
Upgrade furniture - 18%
Build an extension - 11%
Fix property defects - 12%
Solar panels - 9%
New windows/doors - 9%
Add smart home technology - 13%
Convert a loft - 10%
Extend rooms (knocking through rooms to create more space) - 7%
Create an at home gym - 10%
Create an extra room/outdoor cabin in the garden - 8%
Create a cinema room - 5%
Create a games room - 7%
Create an office space - 8%
New stairs - 5%
Create home bar - 5%
