According to the experts, UK homeowners should spend around 1% of their property’s worth on maintaining their home each year to retain its value. Yet a new study shows that only a quarter of owners admit to investing this amount.

The asking price for the average London home currently sits at more than £500,000, meaning an annual investment of £5,000. The national survey, by furniture company ScS, found that more than half of those questioned (56%) spent under £1,000 each year on maintenance with 17% investing less than £250. And in spite of the abundance of loft conversions, extensions and basements, only 1% of people surveyed spent more than £50,000 annually.

Carpets were the item least likely to get a refresh, according to the survey (at 36%) followed by painting the exterior of the property (32%) and interior decorating (30%). Room conversions and adding built-in wardrobes were, however, seen as a higher priority among the sample.

When it comes to demographics, men were found to be more eager to spend on their homes than women, as were younger people, with 43% of Instagram-friendly millennials spending more the recommended amount.

Amy Forster, of ScS, said: “It’s important to remember just how significant our home environment is, now that our houses have suddenly become offices and schools, as well as our place to relax and unwind.

“Investing in their upkeep and refreshing your living areas is a really valuable exercise, not only for your well-being, but for your house too. It helps keep your home fresh, nice to live in and attractive to buyers, should you wish to move.”

Read more about this story on the Property Reporter website.