Number Of Homeowners Planning To Invest In Structural Changes Over Next 12 Months Falls By Almost 40%

    LONDON, ENGLAND, August 22, 2009 /24-7PressRelease/ -- Up to 3.27 million (13%) of British homeowners intend to undertake some sort of major structural work on their home in the next 12 months, research from Sainsbury's Home Insurance reveals. This figure is down by 39% on 2008 when a fifth (21%) of homeowners said they planned to make structural changes over the upcoming year.

Of the 13% of homeowners that are planning structural work, the three most common works planned are:-
1. loft conversions (873,000)
2. side extensions (653,000)
3. garage conversions (632,000).

Loft conversions were also the most widely planned structural change in 2008 (1.3 million); however the second and third most popular changes last year were building a conservatory (1.2 million) and adding a rear extension (950,000).

The new research reveals that the average amount to be spent per household on structural changes over the next 12 months is GBP22,730. Of those planning works, one in three (34%) intends to spend more than GBP20,000, just 5% plan to spend over GBP50,000 and 3% expect their works to cost more than GBP100,000. Although the number of people planning structural changes to their home over the next 12 months has fallen compared with last year, the average amount of anticipated expenditure has actually increased by 31%; the planned spend was GBP17,361 last year.

Sainsbury's Home Insurance warns that homeowners planning to make any structural changes to their property should inform their buildings insurer first in order to ensure that they are fully covered for the increased value of their home through expanding and improving it. Indeed when questioned 29% of people considering carrying out structural works said that they were not aware that they had to inform their home buildings insurer before the works started.

Joanne Mallon, Sainsbury's Home Insurance Manager, said: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold. Buildings insurance premiums are calculated based on a number of factors, such as the type of house or the number of bedrooms it has, so creating extra rooms can have an impact on your premium even if you have unlimited cover.

"Homeowners should know that in the event of an incident happening during or after the works are completed they could be left underinsured or even invalidate their insurance entirely if they have not informed their insurer first."

On a location basis, garage conversions are most popular in the East and West Midlands region with 209,000 homeowners planning to carry out these works in the next 12 months.

About Sainsbury's Home Insurance:
As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:
• Unlimited buildings cover
• Unlike some home insurers, Sainsbury's Finance does not apply charges for customers paying their premiums by direct debit
• Maximum no-claims discount of up to 30%
• Optional no-claims discount protection (additional premium required)
• Cover for accidental damage - even pets (additional premium required)

Sainsbury's Finance offers the following products: A range of Savings products and Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance. To find out more about Sainsbury's Home Insurance, call 0800 731 7978 or log onto www.sainsburysbank.co.uk

Notes to editors:
Research conducted by TNS between 7th and 9th July 2009. A sample of 1001 GB adults, aged 16-64, representative of the GB adult population, were interviewed via onlinebus.
Research conducted by TNS between 20 and 22 May 2008. A sample of 1002 GB adults, aged 16-64, representative of the GB adult population, were interviewed via onlinebus.

Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media.
Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyd's Banking Group.
Sainsbury's Finance recent awards include Best Online Credit Card Provider / Best Direct Home Insurance Provider, Your Money 2009

For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

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