The double whammy of a depressed property market and the ongoing cost of living crisis means homeowners in the North West including in Bolton are opting to renovate, not relocate, a new survey has revealed.

According to research findings from insurance broker Lycetts, 75 percent say they are unlikely to sell up, and instead, would invest in their existing homes in the wake of the challenging financial climate.

It is a trend that is reflected across the UK.

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Lycetts’ John Murphy said: “Home improvements can add thousands to their property’s value.

“However, significant losses risk being incurred if arrangements for adequate insurance cover are not in place, which is why it is crucial to ensure appropriate protection.

“It means the contract you arrange will be on sound footings and it will also mean the insurance costs can be factored into the overall project spend.”

He stressed the importance of a contract works insurance policy, which can provide protection for the owner, the contractor, the property for the duration of the works, work in progress, building materials, hired-in plant equipment, liabilities, third parties and also offer optional non-negligence cover.

Mr Murphy also warned against a common misconception that a contractor’s liability insurance would be sufficient if anything went wrong.