WHAAAAAT??? I've just had a new kitchen put in and I'm not planning on changing it again for at least 10 years. Come to think of it, out of all my family and friends I can't think of anyone who's had their kitchen re-done within the last 5 years. My parents have just refurbed one of their 2 bathrooms, but then again it's the first time they've done that particular bathroom in a home they've owned for 25 years!
Aha, this sounds like a more reasonable timescale for kitchens, bathrooms and everything else.
So if we go with the 1% figure that means it's going to cost me about £2k a year (on average) on my home. Wow, it sounds like a lot when you say it like that.