1.2 million homeowners live on a 'building site'

• 1.2 million homeowners are living with stalled renovation projects
• 49 per cent of these homeowners worry that the incomplete work is dangerous or could cause injury for those living in the property
• 58 per cent of homeowners with incomplete renovations regret starting them
• 31 per cent of projects are on hold because of money issues, with almost one in ten unsure if their home will ever be finished

Home renovations have turned from a dream into a nightmare for 1.2 million homeowners, who are currently living with stalled construction projects, reveals new research¹ by Direct Line Home insurance. A quarter (25 per cent) of those living in the ‘building site’ of a stalled home renovation have been living this way for over two years and almost half (49 per cent) of these homeowners worry that the incomplete work is dangerous or could cause injury for those living in the property.

Two thirds (66 per cent) said they purchased their property with the intention of renovating it, but 58 per cent of homeowners with stalled projects say they now regret ever starting. Three quarters (75 per cent) say they have found the experience overwhelming, and almost two thirds (62 per cent) say the project has caused them significant stress.

It is perhaps not surprising that project costs were found to be the biggest factor leading to renovations grinding to a halt. Almost a third of people (31 per cent) said that they ran out of money and 28 per cent said that costs increased beyond what was affordable to them. Over a fifth (22 per cent) admitted they had either fired their builder, or that their builder had walked off the job. Running out of enthusiasm was the reason for 22 per cent of projects stalling, while 17 per cent said once they started the project they unearthed bigger problems that needed to be fixed before moving onto the next phase.

Table one: Most common incomplete home renovation projects 

Source: Direct Line Home Insurance 2024

Incomplete renovations often leave people living in difficult circumstances. A quarter of those with stalled projects (26 per cent) are living in a caravan or temporary accommodation because their home is uninhabitable. Thirteen per cent of those with unfinished renovation and construction say that their home isn’t weatherproof, so can’t live there. One in six have one or more boarded up windows and a further 16 per cent were restricted to what meals they can cook at home.

Table two: Impact of incomplete home renovations  

Source: Direct Line Home Insurance

Over half (57 per cent) of those with stalled projects remain optimistic that the project will be completed in the next year, with 40 per cent claiming to be finishing it up themselves. However, 22 per cent say it will be over a year before the work is finished and eight per cent admit that they are unsure if it will ever be completed.

Dan Simson, Head of Direct Line Home Insurance said: “With many homeowners looking for ways to adapt their houses to fit their changing circumstances, it is no surprise that many decide to take on a renovation project. Living with unfinished renovations and building work can be stressful, especially if this results in needing to move into temporary accommodation, whilst the project is being completed.

“If you’re looking to start a renovation project, it’s recommended that you speak with your home insurance provider before work begins to let them know what the plans are, in case this has any impact on your insurance cover, particularly if the home is due to be unoccupied for a prolonged period of time.”

ENDS

Notes to editors

1.      Research conducted by Opinium Research on behalf of Direct Line Insurance with a nationally representative sample of 2,000 UK adult homeowners between 24^th – 28^th May 2024.

 

For further information please contact:

Direct Line Group:

Chelsey Wheeler

Deputy Head of News and Issues

Email: [email protected]

 

PR team:

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Email: [email protected]

Phone: 07808 727280

 

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.

Direct Line general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc.