• Over half (52%) of Brits believe renovating their property is a better financial investment than saving into a pension, ISA or stocks and shares
• 44% of homeowners would spend a £1,000 windfall on renovations on their home, above saving it in an ISA, buying a new car or going on holiday
Despite the forecasted slowdown in the property market, more than half (52%) of Brits believe pumping money into their home is their best financial investment – above saving for a pension (20%) and investing in an ISA (15%).
New research from insurance provider, Policy Expert, has revealed there is still a strong sentiment that property is the safest investment, and over half of UK homeowners would spend a £1,000 cash windfall on home improvements. The table below shows the UK’s top 10 preferred investments, should they come into a windfall:
Renovating your house
Going on a foreign holiday
Saving into an ISA
Buying a new car
Paying off debt / credit cards
Spending on children / grandchildren
Paying off mortgage
Going on a UK holiday
Putting it towards Christmas
The latest Bank of England lending figures show that mortgage approvals have fallen, and property prices have dropped for the first time in 17 months. However, the UK remains optimistic – with 43% of those surveyed saying that they plan to spend thousands on their home in the coming year.
Adam Powell, Head of Operations at Policy Expert said:
“Britons clearly consider their homes their prize asset with many committing to structural changes to push up its value and freshen its feel. Insurance is a vital part of any building project as it safeguards you, and those carrying out the work from any calamity or injury that may occur. It’s true that in many cases a registered builder will have their own insurance policy to cover their own work but it’s not a legal requirement and, as such, we would advise you to check your policy before having any work carried out on your home
The insurance professionals at Policy Expert have genuine passion for making sure people get the cover that’s right for them. A one size fits all policy doesn’t provide the flexibility that customers want. Policy Expert can adjust cover levels, add features or bolt ons, or even change excesses to ensure customers get the right policy to fit their needs.
Policy Expert speaks the customer’s language, not the industry’s. As an online and telephone-based insurance provider, based in London and Milton Keynes, Policy Expert has a dedicated customer service centre filled with insurance experts, who keep customer satisfaction at the heart of everything they do.