The majority of Brits would purchase a home in need of home improvements says research from estate agent Jackson-Stops.
The company analysed the views of over 1,200 people on their preferences for home ownership, and found that more than eight in ten (81%) of homebuyers would purchase a home in need of renovation.
Londoners were the biggest supporters of doer-uppers with 85% prepared to purchase a home that required renovation work.
The study found that:
- less than four in ten people would purchase a home in need of a new bathroom or kitchen installation;
- 42% would be prepared to undertake a major renovation project such as a large extension or structural alterations;
- less than 29% of London residents said that they would want an en-suite to accompany their master bedroom compared to 43% across the rest of the country;
- nearly half of respondents said having the space for a family size dining table is essential in to their dream kitchen.
The dream configuration
When considering the configuration of their perfect homes, over six in ten people said they want an open plan kitchen and dining area, with a separately positioned lounge.
Why the renovation trend?
The trend for doer-uppers could be due to uncertainty around Brexit and high stamp duty costs suggests the firm. These factors could be encouraging buyers to purchase homes with the view to make a profit on renovation works, which would hopefully offset future stamp duty costs
Renovation insurance
With this analysis suggesting more homeowners are prepared than ever to renovate, it is important that you make sure you have adequate home renovation insurance before you undertake your project.
