You are here: Home - Mortgages - Remortgage - News -

Vast majority of homeowners think their home has increased in value

0
Written by: John Fitzsimons
15/02/2017
Nine out of 10 homeowners believe their home is now worth more than they paid for it, a new study from Co-op Insurance has revealed.

What’s more, they believe that the property is significantly more valuable, predicting their home is worth an average of £33,125 more than when they bought it.

According to the study of 1,000 homeowners, almost a third (31%) bought the property with an eye on how much money they could eventually make from it.

Location also played an important part, with 34% buying in an already desirable area, while another third (32%) targeted areas which had been classed as ‘up and coming’.

The study also found that homeowners were likely to have updated the property in some way since they bought it. Around three quarters (76%) have made changes since they moved in, and of these 60% argue the renovation works have helped increase the value of the property. On average the renovation work has cost more than £18,000.

How much value homeowners think they’ve added – by region

Region % who believe their home has increased in value Average amount they believe it has increased
East Midlands 91% £24,053
East and East Anglia 96% £33,565
London 94% £40,091
North East 71% £16,750
North West 89% £33,610
Northern Ireland 78% £18,454
Scotland 87% £27,542
South East 96% £49,208
South West 91% £31,578
Wales 93% £33,603
West Midlands 89% £28,204
Yorkshire & The Humber 89% £23,859


The most popular improvements

The study found that three quarters (73%) of homeowners have decorated every room in the property, while 67% have fitted a new kitchen, 65% have fitted a new bathroom and 64% have replaced the windows.

Other popular work includes re-carpeting the house, installing a new boiler and renovating the garden.

Caroline Hunter, head of home insurance at Co-op, said: “Kitchens have long been lauded as the heart of the home and our study continues to solidify this, with over half of homeowners believing that this is the room of the house that could make, or break, a sale.

“Whilst they are a big draw for prospective buyers, they can be expensive, therefore it’s important to revisit your home insurance policy to ensure you have the right level of cover in place during the building works, to protect you from additional risks during the work. Don’t assume your builder will have insurance in place that covers you in every eventuality.”  

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

After an award-winning health insurance provider?

Winner of best online health care provider in the YourMoney.com Awards 2015

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
empty pockets
Millions of ‘Just About Managing’ families at poverty tipping point

Millions of low income families described as ‘Just About Managing’ could quickly tip into living in poverty as earnings have...

Close