Press release

15 Million homeowners renovate to create their 'forever home'

  • 86% of homeowners decided to make home improvements to transform their house into their ‘forever home’
  • Those who currently do not own their ‘forever home’ think they will buy it at an average of 49 years old
  • Almost half (47%) who have renovated their home admit to not alerting their home insurer before they started construction
  • LV= GI have created a tool to help homeowners understand when they will find their ‘forever home’, the potential cost and what this could look like in their region.
New research1 from LV= General Insurance (LV=GI), one of the largest personal lines insurers in the UK, has found that 15 million (86%) homeowners decided to make improvements to transform their house into their ‘forever home’, such as redecorating in their own style (58%), refurbishing the kitchen (50%) and landscaping the garden (39%). Three in 10 (28%) homeowners living in their ‘forever home’ have stayed put and renovated their current home instead of moving further up the ladder, because they felt it was too expensive to do so.

Top changes people make to their property, so it becomes a ‘forever home’:

Redecorated their house in their style

58%

Refurbished the kitchen

50%

Landscaped the garden

39%

Added an extension

24%

Painted the house (exterior)

24%

Redecorated their house in their style

58%

Refurbished the kitchen

50%

Landscaped the garden

39%

Added an extension

24%

Painted the house (exterior)

24%

Heather Smith, Managing Director of the LV=GI Direct business, comments: “When looking to buy a property, especially one where you intend to stay put, it’s important to consider which factors are most important to you. With house prices continuing to rise and uncertainty in the market, our research shows that the vast majority of homeowners are choosing to renovate their current property to create their ‘forever home’.”

What makes a forever home? 

More than half (53%) of homeowners say the house they live in now is where they plan to stay put. Those who don’t currently own their ‘forever home’ – a home which somebody owns and intends to live in indefinitely – think they will buy it at an average of 49 years old. 

Encouragingly, our survey of ‘forever home’ owners found they bought theirs at an average of 41 years old. With the average age of first-time buyer now 31-33 years old, homeowners may not have to wait as long as they think for their ‘forever home’ after getting on the property ladder.2 LV=GI’s new tool will help homeowners gain a better understanding of when they could be in their forever home based on their region, and what to expect in regards to price and property type. 

There are a number of factors which buyers consider important when finding their ‘forever home’, however two-fifths (38%) of those that currently live in their ‘forever home’ said it was love at first sight. 

The most important factors for a property to be a 'forever home’:

Garden

59%

Number of bedrooms

38%

Access to amenities (park, shops etc)

30%

Parking spaces

30%

Access to transport links

26%

Garden

59%

Number of bedrooms

38%

Access to amenities (park, shops etc)

30%

Parking spaces

30%

Access to transport links

26%

Protect the home you love

With the number of homeowners improving their existing property on the rise, almost half (47%) of those who have renovated their home admit to not alerting their home insurer before they started construction, leaving them at risk of potentially not being insured should anything go wrong.

Data from the ABI3 shows that one in four UK households – some six million – have no home contents insurance to cover their possessions leaving them at risk if something happens to their home. LV=GI research supports this, showing that 6% of homeowners currently don’t have home insurance. 

Heather Smith, Managing Director of the LV=GI Direct business, continues saying; “Renovations can take up a lot of time and money, and with your home being your most valuable possession, it’s important to have the right protection for your home and its contents. We’d encourage people to tell their insurer about any planned structural work, such as an extension, loft conversion or new roof, to ensure that cover is in place.”

Take a look at when you could purchase your forever home and what it could look like with LV= General insurance: https://www.lv.com/home-insurance/your-forever-home
 
NOTES TO EDITORS: 
1.Research commissioned by Opinium research for LV= General insurance, surveying 2,005 UK adults, between the 18th October - 28th October 2019

In a nationally representative survey of 2005 UK adults, 584 said they made changes to make their home their 'forever home'. 584 / 2005 * 52,383,000 (UK adult population) = 15,257,692 or 15 million.                
2. English Housing Survey 2017 to 2018: headline report 
3. https://www.abi.org.uk/news/news-articles/2019/01/cost-of-home-contents-insurance-falls-to-a-record-low-yet-one-in-four-uk-households-are-uninsured/ 

For more information please contact:

Lloyd Purnell
Senior Press Officer (General Insurance)
020 7634 4433
07500 835 885
Kaidee Horton (née Sibborn)
Head of Media (Corporate, General Insurance & Brand)
07738 274 568

About Liverpool Victoria General Insurance Group Limited

Liverpool Victoria General Insurance Group Limited (LVGIG) is an LV= branded strategic partnership between LV= and Allianz Holdings Plc, following the sale of a 49% stake in LV=’s General insurance business on 28th December 2017, creating one of the largest personal insurers in the UK with around £1.6 billion annual premium income and serving over 5 million customers.

LVGIG is a holding company employing over 3000 staff and incorporating two regulated insurance companies. Liverpool Victoria Insurance Company Limited (LVIC), registered in England and Wales number 03232514 and Highway Insurance Company Limited (HICO), registered in England and Wales number 03730662, both registered at County Gates, Bournemouth, BH1 2NF are part of the Liverpool Victoria Group of companies and are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (LVIC FRN number 202965 and HICO FRN number 202972).

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria Group of companies.