J Sainsbury : It costs £5,000 or more to make a house a home

A quarter (26%) of new homeowners take more than six months to feel at home in their new pad⁽¹⁾

New homeowners are spending thousands of pounds in their first year of homeownership to make their house a home.

Sainsbury's Bank Home Insuranceconducted a survey of Sainsbury's shoppers which reveals nearly a third (29%) spend £5,000 or more on their properties in their first year of owning a new home.⁽¹⁾ Home buyers are being urged to consider these extra costs when purchasing home insurance for their new abode.

The study found just 8% of new homeowners spend less than £500 doing up their property in the first year of living at the new address.⁽¹⁾ Nearly a quarter (24%) spend between £1,000 and £2,999.

Typical activities undertaken by homeowners in order to make a house feel like a home include: displaying pictures and photographs (52%), installing a new kitchen or bathroom (21%) and painting the walls (18%).⁽¹⁾

Despite the significant investments being made, under half (47%) of new homeowners update their home insurance policy if they purchase a big ticket item for their new pad. ⁽¹⁾

Making a house a home

More than a quarter (26%) of new homeowners said it took between six months and two years to feel their new property was their home. ⁽¹⁾ Just over a third (35%) felt comfortable immediately. ⁽¹⁾

Other key milestones for feeling at home include walking into the property for the first time after completing the purchase (39%), hosting friends or family for the first time (30%) and unpacking the final box (29%).⁽¹⁾

Karen Hogg, Head of Home Insurance at Sainsbury's Bank said: 'Turning a property it into a home is rewarding but it can be expensive. Our research found that the vast majority (94%) 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.⁽¹⁾'

Savvy homeowners who are Nectar members can receive home insurance prices starting from £110 for standard buildings and contents cover with no add ons. ⁽²⁾ Sainsbury's shoppers will also collect double Nectar points on shopping and fuel with a policy.⁽³⁾

Sainsbury's Bank offers five cost-effective tips for making a house into a home

1. Be inspired: Start creating Pinterest boards and follow bloggers to gather ideas on how to decorate your new home on a budget.
2. Quick wins: If you're exhausted after moving, think about the quick wins that will have an immediate impact on how homely your property feels, such as putting up lampshades and adding throws to a sofa.
3. Add some greenery: Grow some plants or herbs in your kitchen to boost the vibrancy of your new home.
4. Say hello to your neighbours: Feeling part of the community from the get-go will provide you with more positive associations with home.
5. Consider costs: Make sure you're covered with both buildings and contents insurance when moving into a new property

ENDS

For further information, please contact:

Sainsbury's Bank press office 0131 286 0010 / [e-mail]

Notes to editor:

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

⁽¹⁾ Research was conducted using Sainsbury's Bank Customer Panel. 858 UK adults were surveyed in July 2019.

⁽²⁾ 10% of our customers with a Nectar card paid this price or less. Correct as at 2 August 2019. Sainsbury's Bank Home Insurance is underwritten by a carefully selected range of insurers. It offers home insurance that covers you from floor to ceiling - and even out to the garden. We'll take care of your valuables and we'll protect your children's belongings while they're studying away from home. Plus, we've got garden contents cover for your plants and patio furniture, and we'll even get on the case if your house gets a leak. All insurance policies have terms and conditions, including limitations of cover, exclusions and excesses. Nectar card members will receive a guaranteed home insurance discount. The discount is based on information related to you and the transactions you've made with Sainsbury's supermarket and Sainsbury's Bank using your Nectar card.

⁽³⁾ Double Nectar points are only available to customers buying a new Sainsbury's Bank Home Insurance policy. You need to tell us your Nectar card number when you apply, and use this card with each Sainsbury's purchase. Double points begin on your policy's cover start date. If you don't tell us your Nectar card number until after your cover start date, double points will begin on the date you tell us. Double points stop when the policy is cancelled or you stop paying premiums. Each Nectar account can only collect points from one home insurance policy. It's only the base points you collect at Sainsbury's that are doubled. Bonus points won't be doubled, nor will any points from Argos, Habitat, Sainsbury's Bank (including travel money purchases), Sainsbury's Energy or any other Sainsbury's service. By the 10th of each month, you'll get a bonus point award equal to the total of your qualifying points during the previous month, up to a maximum of 20,000 points. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. We reserve the right to change or cancel this offer without notice.

About Sainsbury's Bank:

To view our latest press releases and product information, please visit the Sainsbury's Bank online media centre at https://www.about.sainsburys.co.uk/news

Sainsbury's was the first major supermarket to open a bank in the UK in February 1997. Our range of financial products includes credit cards, savings and loans, as well as travel money, and car, home, pet, travel and life insurance which we provide online and by telephone. We offer Sainsbury's shoppers great deals and rewards for choosing to shop and bank with us.

We have travel money bureaux at various Sainsbury's supermarkets across the UK and a large ATM estate.

Sainsbury's Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury's Bank plc is covered by the Financial Services Compensation Scheme (FSCS).