Novuna Personal Finance reveals that a home improvement project has made almost a fifth of homeowners consider parting ways or resulted in a separation

LEEDS, England, Sept. 16, 2024 /PRNewswire/ — Renovating a home is often idealised as a rewarding experience for couples, but a new study reveals a starkly different reality altogether, ruining relationships.

Novuna Personal Finance pinpointed the biggest bugbears within the home as a lack of storage space (32%), outdated kitchens (27%), and cramped bedrooms (19%). As a result, only two fifths (39%) of UK homeowners feel their home is relaxing.

Almost one in five homeowners (19%) admit that home improvement projects have pushed their relationships to the brink, leading to serious consideration of separation or even resulting in an actual breakup. In fact, 1 in 15 (7%) homeowners admitted that renovation disagreements were the final straw that ended the relationship.

This is especially true for younger homeowners, with many biting off more than they can chew when it comes to renovating. A significant, 38% of 25-35 year olds, almost spilt up during their home makeover, with 18% admitting they were unable to reconcile their renovation rows. 

Renovations are big undertakings, nevertheless our research revealed that 57%¹ of homeowners would take on renovation projects themselves rather than hire a professional, and the added the stress of DIYing could put extra strain on a relationship.

Finances fuel renovation-related rows

Money emerged as the primary fuel for renovation-related arguments (28%), followed closely by clashing priorities (19%) and underestimating the time it takes to complete the work needed (16%).

However, whilst budget is often the main source of tension and compromise, 81% of homeowners agree that the renovation was worth the cost. 14% of homeowners reported fewer arguments after completing a renovation, suggesting that the shared accomplishment can ultimately bring couples closer.

With over half of homeowners (57%) reporting domestic arguments stemming from renovation decisions, it’s no wonder that nearly two-thirds (61%) of home improvement projects in the UK are put on hold as a result.

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Compromise is key to keeping the peace (and the relationship)

Over a quarter of respondents (26%) found resolution by meeting in the middle on design elements, with women being slightly more likely to compromise (27% vs. 24% of men). Another 23% compromised on budget. However, a concerning 23% admitted to sweeping the issue under the rug, leaving the work undone and tensions simmering.

Theresa Lindsay, Marketing Director, Novuna Personal Finance; “As house prices continue to rise², taking on a renovation project can be a great way to get on the housing ladder, and can really transform the way you feel about your home.  As our research shows, having realistic goals and a clear budget at the outset is key to reducing tension and maintaining harmony in the home.”

Novuna Personal Finance shares top tips for homeowners to conduct harmonious renovations.

Regions with the biggest break-up and disputes due to renovations

Renovations in London are causing the most heartbreak, with 39% saying they have either almost spilt up or spilt up because of home renovations. Whilst North-West homeowners are the most harmonious.

Region	Proportion of homeowners who have split up (or nearly) due to home renovations
London Advertisement	39 %
West Midlands	25 %
North-East	21 %
Northern Ireland	20 %
Yorkshire and the Humber	17 %
Scotland Advertisement	16 %
East Midlands	16 %
South-East	15 %
East of England	15 %
North-West	14 %

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Notes to editors:

The research was conducted for Novuna Personal Finance by Censuswide among 2,041 homeowners (18+). The data was collected 13.08.24 – 16.08.24.

¹ The findings are the result of a YouGov omnibus research study conducted for Novuna Personal Finance from 15.02.24 – 16.02.24. 2,040 UK homeowners aged 23 to 50 were surveyed.

² Knight Frank, August House Price Forecast  

Novuna Consumer Finance 

Novuna Consumer Finance is one of the UK’s leading providers of retail point of sale finance and personal loans, lending over £2.3bn to more than a million customers each year.

Novuna Consumer Finance is a trading style of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified financial groups, with over 11trn yen (£57bn) of assets. 

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LONDON, Sept. 16, 2024 /PRNewswire/ — Swoop Funding, the leading financial platform that streamlines access to business funding, is proud to announce its new partnership with Compare the Market, one of the UK’s leading comparison websites. This collaboration aims to provide UK small and medium-sized enterprises (SMEs) with even greater access to the diverse range of funding products to help them thrive in today’s economic environment.

In 2023 SMEs accounted for over 99% of the business population, however, despite their significance, many SMEs continue to face substantial barriers when it comes to securing the finance they need. A 2023 report by the British Business Bank revealed that 32% of SMEs found it difficult to obtain external financing, with many citing a lack of awareness about available options as a major obstacle.

The new partnership between Swoop Funding and Compare the Market directly addresses this challenge. By integrating Swoop’s advanced funding platform with Compare the Market’s extensive reach and user-friendly interface, SMEs will now have easier access to a wide range of financing options. This collaboration is particularly timely given that an estimated 45% of SMEs in UK are unaware of the full range of funding options available to them, according to the Federation of Small Businesses.

“UK SMEs are the lifeblood of our economy, but too often they struggle to find the right funding to support their growth,” said Andrea Reynolds, CEO of Swoop Funding. “Our partnership with Compare the Market is designed to remove these barriers by providing a simple, one-stop solution where SMEs can compare and access financial products tailored to their specific needs. Together, we are committed to empowering SMEs to navigate the financial landscape with confidence.”

The partnership will also tap into the growing trend of alternative finance, which is expected to reach approximately £14 billion in 2024. This surge underscores the importance of making non-traditional financing options more accessible, one of this partnership’s key goals.

Bez Arbabzadah, Chief Financial Officer at Compare the Market, commented, “At Compare the Market, our purpose is to make great financial decision making a breeze for everyone. By partnering with Swoop Funding, we are enhancing our customer offering to deliver helpful and important financial solutions to the businesses that need them most. We hope that this partnership will help SMEs thrive and enable them to seize new opportunities for growth.”

The Swoop Funding and Compare the Market partnership is now live, offering SMEs an enhanced experience in finding and securing the funding they need to succeed. For more information, visit https://www.comparethemarket.com/business-finance/.

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For media inquiries, please contact: 

Swoop Funding: Charlotte Forsberg: [email protected]
Compare the Market: Press office: [email protected]  

About Swoop Funding 

Swoop Funding is a comprehensive financial platform that helps businesses discover and access the right funding solutions across loans, equity, and grants. By working with over 1,000 funding providers, Swoop ensures that businesses can secure the financing they need, when they need it.

About Compare the Market 

Compare the Market was launched in 2006 and has grown rapidly over the past eighteen years to become one of the UK’s leading price comparison websites.

Compare the Market provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as credit cards and loans.

Compare the Market actively works with its brand partners to help provide great services to customers.

Compare the Market is a trading name of Compare The Market Limited. Registered in England No. 10636682. Registered Office: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Compare The Market Limited is authorised and regulated by the Financial Conduct Authority for insurance distribution (Firm Reference Number: 778488). Energy and Digital products are not regulated by the FCA.

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LONDON and NEW YORK, Sept. 16, 2024 /PRNewswire/ — ICIS has announced the ICIS Top 100 Chemical Companies, a global ranking of the leading chemical producers worldwide based on 2023 sales.

Germany-based BASF is again the world’s largest chemical company, with sales of $76.1 billion in 2023, down 21.1% year on year.

Rounding out the Top 5 are China-based Sinopec with $71.3 billion in chemical sales, followed by US-based Dow with $44.6 billion, US-based LyondellBasell with $41.1 billion and US-based ExxonMobil with $40.7 billion.

Most chemical companies saw significant sales declines in 2023 on weak global demand exacerbated by an extended period of customer destocking.

“Many companies experienced the longest stretch of destocking in memory through 2023, exceeding levels during the Global Financial Crisis of 2008-2009. Chemical companies are seeing some improvement thus far in 2024 but far from a meaningful recovery,” said Joseph Chang, global editor of ICIS Chemical Business.

“Companies across the sector from commodity to specialty manufacturers were impacted by weak demand, destocked supply chains, and energy and logistics woes. China demand did not bounce back from COVID shutdowns as everyone hoped,” said Nigel Davis, senior executive at ICIS.

The ICIS Top 100 Chemical Companies ranking compiles sales, operating profits, net income, total assets, capital expenditures and R&D spending for the world’s leading producers.

The ICIS Top 100 Chemical Companies issue of ICIS Chemical Business is available for download here.

Currency conversions to US dollars for the ranking are based on year-end 2023 exchange rates.

About ICIS

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ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more. Over 150 years of shaping the world by connecting markets to optimize the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.

ICIS is part of RELX, a FTSE15 company with a market cap of £67.8 billion and an employee base of over 35,000 experts across 40 countries.

About RELX

RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalization is approximately £67.8 billion | €80.4 billion | $89.1 billion.

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