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Quote Ref: UKIN01

Brits spent £48bn on home improvements in the last 5 years

an image of a room being renovated discussing how brits spent 48bn on home improvements
05 April 2019

By UKinsuranceNET In News

British homeowners are into home improvements in a very big way, revealed a report by Property Wire on the 2nd of April. As we start National Home Improvement month, a study has revealed that practically every homeowner – 98% of them – has made some form of home improvement in the past five years.

The various works include landscaping the garden (40% of homeowners), installing a new bathroom (34%), redecorating (72%), or putting down new flooring (42%).

In total, households are estimated to have spent a staggering £48 billion on their home improvements – or around £8,000 each.

According to the National Association of Estate Agents (NAEA), who conducted the study, over half (55%) of the householders made the home improvements to make their house look better, while a further 23% did so to increase the capital value of their home to increase its future market value.

19% of those surveyed had bought a rundown property with the specific intention of renovating it and a further 12% were making the improvements in order to increase the space available in their homes.

The survey found that only 7% of homeowners made the improvements because the cost of moving house is too high. But even with so many homeowners going on to make improvements, not all of them were able to afford making some of those they wanted to make immediately but needed to put off doing the work until another day.

A final word of advice goes to the NAEA which warns against over-personalising your home improvements for fear of putting off potential buyers if you decide to put your home up for sale in the future.

As a reminder, if you do anything more than give your home a lick of paint – such as structural alterations or extensions – then you may you need renovation insurance.

Once the work is complete, you may also need to review your buildings and contents sums insured, too, as your improvements may mean your home will cost more to repair/replace in the event of damage or total destruction.

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