8 In 10 People Consider Moving Thanks To SDLT Holiday
According to research conducted by comparethemarket has shown that 80% of those considering moving since lockdown began, are now more likely to move thanks to the stamp duty land tax (SDLT) holiday announced by Chancellor Rishi Sunak.
57% of those surveyed also revealed the SDLT holiday has enabled them to look at higher value properties.
Those who have chosen to remain in their home, they’ve utilised the time in lockdown to undertake some home improvements.
32% of people surveyed hope to increase the value of their property by completing renovation works. Meanwhile, 39% of people revealed that lockdwon inspired them to do the work they’d been putting off for a while.
Chris King, Head of Home Insurance at comparethemarket, said:
“The Chancellor’s decision to freeze stamp duty has inspired many homeowners across the UK to make the decision to move property and look above their initial price range. However, moving can still be expensive when you consider other costs such as legal fees, estate agent fees and removals. Our research reveals that many homeowners are opting to use that money to update their interior design or add a new kitchen or bathroom to their home. Such improvements could increase the value to the property further when they do decide to sell.”
Only 20% of those who made home improvements over the past 12 months reviewed their buildings and contents insurance policies.
Chris King added:
“If improvement work is done on the home, you must then inform your insurer of the change you made. Properties that are undergoing building work can constitute more of a risk to insurers and if you are planning to undertake major works it is always worth notifying them. They need to know if the number of bedrooms and bathrooms is changing, or if there are changes to security features like locks on windows and doors. Equally, there is a risk to contents when premises are unsecured and if a larger range of people have access to your property. Or, if you are planning to carry out the work yourself, it’s worth considering accidental damage cover to protect you against any potential mishaps. Always check the terms and conditions of your policy to see what it covers before starting any major home improvements.”