Househunters across the country are looking for something they can make their mark on, but that doesn’t necessarily rule out new-build houses…
New research has revealed that a huge 81% of UK buyers would like to purchase a property in need of improvement, with 42% of those saying they’d be willing to take on a significant renovation project involving major structural work or an extension.
The report, compiled by estate agent Jackson-Stops, looked at the housing preferences of more than 1,200 people across the country, and appears to reveal the country’s current penchant for investing in a property that needs work doing to it rather than buying something that can be lived in straight away.
In fact, only 9% of people surveyed said they would prefer to move into a property that required no work doing to it at all, although this was less when looking at London buyers specifically, at just 5%. In the capital, a higher proportion (85%) of respondents said they would be happy taking on a property project – which could be a sign of homebuyers looking at ways they can save money and add value to a property in the expensive London market.
Which rooms need renovation
Kitchens and bathrooms were revealed as the most important rooms in the house to be able to personalise, with 39% saying they would buy a home that needed a whole new kitchen or bathroom installation.
Within the kitchen specifically, having a family-sized dining table ranked highly in the list of priorities, while in London integrated appliances and a dishwasher were top of the agenda. Londoners also listed a dedicated wine fridge on their wish list if they were designing their dream kitchen, while an Aga also came high on the list of must-haves in the heart of the home.
Nick Leeming, chairman at Jackson-Stops, commented: “Purchasing a property project offers buyers the unique opportunity to create a home that suits theirs and their families’ exacting needs, whilst traditionally paying considerably less for the end result.
“Those looking to sell their home with planning permission for improvements will find this adds a significant premium to the property, as this allows the buyer to start creating their dream home from day one, which is an undeniable bonus.”
New-builds offer buyers an opportunity to personalise
While the research may imply that the vast majority of UK buyers are looking for an older property, it is important to note that new-builds can also offer homeowners the chance to make their mark.
Particularly when buying an off-plan property, if a buyer gets in early they can normally steer the design of their own home, from kitchen and bathroom appliances to layouts, depending on the new-build project, which means they can still put their own stamp on a new home based on their needs.
Many new developments also come with the option of furniture packs which can be tailored to the tastes of the buyer, but those wanting to really personalise their new home can opt out of this and furnish their new property themselves.