One in four homeowners admit to falling foul of substandard work from tradesmen, according to newly published research by Norwich Union.
In total, 23% of homeowners say they have either been charged over the odds or received substandard work when having home improvements carried out, the survey reveals.
However, despite this, one in five people (19%) still select a tradesman without a recommendation, usually from the pages of a telephone directory, a leaflet through the door or a newspaper advertisement. What’s more a further 29% said they would re-employ the same tradesman despite the standard of work they had received.
The Norwich Union survey also revealed:
- More than one in five (21%) admitted feeling nervous about hiring a tradesman.
- Only 4% of homeowners would employ a tradesman following a recommendation by a recognised trade body or local business link.
In addition, the survey also found that carrying out home improvements remains a popular aspiration. One in five people (19%) said that if they received an unexpected windfall of Ł10,000, their first choice would be to carry out home improvement projects.
And of those people who would choose to carry out external home improvements:
- 27% would have a conservatory or porch built
- 17% would have the house repainted
- 17% would have their garden landscaped
- 16% would have an extension built
To help homeowners about to embark on home improvement projects, Norwich Union has produced a jargon-free, step-by-step guide. The Home Improvement Guide, designed to take the stress out of planning a project, includes advice on avoiding potential pitfalls, hiring reputable tradesmen and ways to increase the value of your property.
To receive a free copy of the Home Improvement Guide, homeowners should call free on 0800 122876.
In fact, Norwich Union is finding that more and more homeowners, over the age of 55, are releasing equity from their property to fund home improvement projects.
Paul Stokes, head of marketing for Norwich Union equity release, said: “Our property is the biggest, single investment we are likely to make during our lifetime. Previously, if we had wanted a larger home we would have moved but, with escalating buying and selling costs, more of us are deciding to stay put and improve or extend our existing properties.
“More than half of Norwich Union customers (55%) who take out an equity release plan use the cash for home and garden improvements.”
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NOTES TO EDITORS
The telephone survey was conducted on behalf of Norwich Union by IPSOS research, amongst a representative sample of 591 British consumers, aged 55 plus.
Norwich Union is the leading provider of equity release plans in the UK with a market share of 45%.
Minimum property values apply. Equity release is a lifetime loan secured against your home. CHECK THAT THIS MORTGAGE MEETS YOUR NEEDS IF YOU WANT TO MOVE OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE. A personal illustration and full terms and conditions are available on request. Norwich Union equity release limited No. 3286484. Registered at 2 Rougier Street, York YO90 1UU. Not available in Northern Ireland, the Channel Islands and the Isle of Man.
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 70% of the company’s long-term savings business.
Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.