To lessen the grey, exchange the grey drapes and different colored cushions. The wall color seems to really stick out and not work well with the carpet and couch.

You can cover the throw pillows in a light color....white would look good with the gray...it would add so much to your space.

Thanks for your help guys.

The walls are only temporary, I must admit I hate magnolia more than anything. We've just moved into a new build in the U.K. And every building seems to come doused in this awful colour.
The curtains and pillows are probably a good start, they're new but were a cheap temp security fix.
What colours do you have in mind? I'm not a fan of anything too rich in colour. I want to air up this space a little and brighten the gray up without being over the top.

Thanks again for the kind suggestions. :)

How about white walls with a feature metallic wall? The feature wall being something like a champagne colour? Would this work with the room?

I would suggest adding a low-ply area run to visually separate the grey from the sofa and carpet.

You may want to consider a feature wall to add a pop of color to the space, and a smaller chair in a subtle pattern to replace the over-sized chair, to add some flair to the space.

I think your TV is too high and I think your picture over the couch is too high and too small. That said, how about white for the walls and accent colors of either teal or yellow for the pillows and a throw? I think you could use an end table by your chair...and get some sort of console with storage for under your TV. Might have to center TV over console. Your little square shadow boxes may need to come down also and moved over. Cute.