Growing number of homeowners choosing to renovate rather than move
The number of homeowners choosing to make improvements to their homes rather than selling and moving on has been steadily increasing in recent years.
Traditionally, homeowners looking for more space would look at buying a bigger property. However, research shows that an increasing number of homeowners are opting to make alterations to their homes, such as loft renovations and extensions, rather then moving.
Research reveals that from 2014 – 2018, there was a five-fold increase in people choosing to stay put at their property and carry out home improvements rather than selling up and buying somewhere bigger.
The growing trend to improve rather than move has been pinned on rising property prices, the cost of stamp duty and a sluggish property market.
With the evenings becoming lighter, the weather warmer and a drive to get our home ‘summer-ready’, the spring has long been a popular time to start making improvements to our homes.
Not only is the weather more suitable for carrying out building work on a property but many showrooms offer deals in early spring to get rid of the previous season’s stock, making home improvement projects more cost-effective.
For homeowners thinking about making significant renovations to their property, it is important they notify their home insurer before any work begins, other than general refurbishments.
Nelson Policies at Lloyd’s can look at covering the existing structure of a property whilst building works are being carried out.
To find out more about our non-standard residential insurance that includes works and renovations, get in touch with Nelson Policies at Lloyd’s friendly team of residential property experts.
Back to Blog
Q&A with … Kelly Staggs our longest serving team member, renewals underwriter.
As I oversee all the commercial renewals, I like the fact I am continuously kept busy. Every day, I am reviewing a different type of risk and seeing how other people would underwrite it. I also like having the ability to re-review a risk and provide the best options for both the Insured and broker.
2021/22 Premier League season is underway
Following an exhilarating summer of sport, which began with the Euros 2020 and ended with the Tokyo Olympics, the new Premier League season is underway, with fans everywhere enthusiastic about their team’s prospects for the games ahead.
Water leak claims increase by over 30% in Q1 2021
The number of claims made for water leaks in the home were up by more than 30% in the first quarter of 2021 compared to the same period the year before.