New research suggests that 91% of homeowners believe that the value of their asset has risen since they made the purchase.
The data, collected by Co-op insurance suggests that the average bricks and mortar investment has increased by £33,125. This figure was reached following a study of 1,000 UK homeowners.
It seems that we are fairly savvy buyers, with 31% of homeowners purchasing their home with the sole plan of making money on the investment, whilst 62% were confident that an overall rise in UK house prices had let them achieve the increase in asset value.
A forward-thinking 32% of buyers purchased in areas that they believed would be up-and-coming in order to make the biggest potential profit on their property, with 29% buying a property that they felt needed work in order to bring it up to its full potential. Over three-quarters of respondents have made renovations to their home since they purchased though, showing that even if we move in to a perfect property, we just can’t resist tweaking it to make it our own!
The renovations that people have been undertaking include the installation of brand new kitchens, which 56% of homeowners believe is the room which best sells a property. Sprucing up living areas was the second most important room to feature on, according to the survey,
Our study shows that homeowners believe by investing in décor and bigger renovation works they are adding value to their homes for future years. 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.
Caroline Hunter, Head of Home Insurance at the Co-Op
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