According to new research from LV=, one in five (18%) homeowners believe their home is a “ticking timebomb” of maintenance problems – equating to 3.2 million homes across the UK.
Three-quarters (77%) of property owners have experienced a maintenance problem in their current property and a third (34%) have had to fix several issues in the last 12 months. This percentage is even higher in period properties, which are significantly more likely to have multiple issues that need fixing each year.
The average homeowner spends more than £1,850 a year on home maintenance while those with period properties spend over £2,460. It’s therefore no surprise that four in ten (40%) homeowners are worried about how they’ll afford to pay for the maintenance of their home and one in five (18%) are losing sleep over the matter.
Half (48%) of homeowners say they don’t have the knowledge or skills to do maintenance work around the house and, worryingly, nearly a third (31%) admit they have put off essential maintenance in the last year. Two in five (42%) homeowners say they wait until an issue becomes an emergency before fixing the problem.
The most common issues faced by homeowners include problems with double-glazing (19%), issues with gutters and drainpipes (19%), and out-dated wiring (18%). Period homes are more likely than average to have issues, with a quarter (24%) of period homeowners experiencing issues with out-dated wiring, and one in five (20%) reporting problems with mould, compared to 13% of those with more modern properties.
To help homeowners stay on top of their home maintenance, LV= is today launching a free, interactive ‘Home MOT’ tool. The tool highlights common maintenance issues, early warning signs and offers tips on when to check up on problematic areas. LV= has also produced a calendar to help keep track of issues throughout the year with tips on when to make repairs.
Selwyn Fernandes, Managing Director of Home Insurance at LV=, said: “Keeping up with home maintenance can be a tough and time-consuming job, so it’s understandable that many homeowners might ignore problems or put off important work.
“Our Home MOT guide is designed to help homeowners understand the most important maintenance tasks and provide advice on how to tackle them. It’s important to keep on top of maintenance as ignoring problems in the home can lead to more serious issues developing, and damage from wear and tear is typically not covered by home insurance.”
To try out LV=’s Home MOT for yourself visit www.lv.com/homemot
Most common maintenance issues
| Common issues for period properties (pre-1945)
||Common issues for modern properties (post-1945)|
| Out-dated wiring (24%)
|| Problems with double-glazing (19%)
| Broken/blocked guttering and/or drainpipes (23%)
|| Out-dated heating system or gas fittings (18%)
| Defective plasterwork (22%)
|| Broken/blocked guttering and/or drainpipes (17%)
| Mould (20%)
|| Poor quality lawn/soil (16%)
| Peeling paintwork (20%)
|| Out-dated wiring (15%)
| Condensation (19%)
|| Condensation (15%)
| Problems with double-glazing (18%)
|| Hairline cracking, minor movement or settling (14%)
| Hairline cracking, minor movement or settling (18%)
|| Bad taste decorating by previous homeowners (14%)
| Inadequate insulation (18%)
|| Mould (13%)
| Leaks in pitched roof/missing tiles (18%)
|| Fencing/boundary issues (13%)