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Homebuyers spending over £5,000 on immediate property improvements

Three in ten homebuyers spend more than £5,000 on improving their properties within the first year of owning the home, according to new research.

A survey by Sainsbury’s Bank Home Insurance found that 8% of UK homebuyers are spending less than £500 on home improvements during their first 12 months in the property. Just under a quarter (24%) spend between £1,000 and £2,999, while 29% spend in excess of £5,000.

The most common areas new homeowners invest in include displaying pictures and photographs (52%), installing a new kitchen or bathroom (21%) and painting the walls (18%).

More than a quarter (26%) of the survey respondents said it took between six months and two years to feel completely comfortable in their new home.

Elsewhere, the research revealed that less than half (47%) of homebuyers would update their home insurance policy after purchasing significant items for the property.

“Turning a property into a home is rewarding but it can be expensive,” said Karen Hogg, head of home insurance at Sainsbury’s Bank. “Our research found that the vast majority of homeowners have both building and contents insurance but around half of them are not re-visiting their cover if they add items and improvements.”