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I thought about external insulation too, but just too much to move / adjust - gas boxes, gas pipes, electric and telephone, window sills, all too costly to do properly. One person gave a good quote, but it was just going to bury everything.. good quote was £4000, still a lot more than DIY internal insulation.
My 1930s bungalow is all 4x2s too.
My 1930s bungalow is all 4x2s too.