Renovating Britain

Feature

Though there has been a boom in the new housing market, not all homeowners want to buy new or relatively new. The homes are smaller, the gardens are smaller and, though the roof tiles and bricks might be a different colour, they all look unnervingly the same.
Britain is facing an increasing shortage of good, solid properties for sale. Moreover, high house prices mean that buyers can rarely find what they want within their budget. For these reasons, almost three-quarters of Britons are now prepared to buy a home that needs major renovations.

Research carried out by Propertyfinder.com, has revealed that Britons would carry out renovations despite the fact that more than 62 per cent have never done any in the past.  Thirty per cent of respondents said that they would definitely make an offer on a property that required renovation, 41 per cent said that they would consider buying a property that needed renovation for the right property, while only 29 per cent said that they wouldn’t buy a renovation property.

The research also showed that women are less daunted by the idea of renovating than men, with just one-quarter suggesting they would not renovate as opposed to 30 per cent of men.

This increase in renovation activity throughout the nation comes at a time of growing buyer confidence in the housing market, which has grown by more than 50 per cent over the last 12 months.

Nicholas Leeming, client services director of Propertyfinder.com, comments, “The housing market confidence has reached its highest point for two years and lots of people are keen to buy. However, there is a definite shortage of quality property on the market. As good properties are in increasingly short supply on the market, it is no surprise to see more and more home buyers taking on the challenges of renovation.

“Today’s home buyers are now more demanding in getting what they want. To achieve this, they are opting to buy substandard properties that they are able to renovate to the standard they want.  In addition, an increase in property makeover shows has developed consumer appetites for home renovation.”

Homebuyers are now willing to spend a significant amount of money on renovations, ranging from a few hundred pounds to more than £70,000. The average amount people are willing to spend is £18,500. 

Topping the list of the most popular renovation is putting in double glazing, followed by replacing the central heating, carrying out rewiring, re-plastering and re-plumbing. The main turnoffs for buyers seeking property in need of renovation are subsidence, radon gas, asbestos, rot and fire/flood damage.

Property renovation also gets the thumbs up by environmental groups. Renovating homes is the ultimate in recycling, especially if buyers opt for reclaimed materials for added period style. Whilst renovating, homeowners can also increase energy conservation and reduce energy usage, which saves both money and the environment.

Nick Leeming adds, “With increasingly number of people buying properties to renovate it looks as if builders and plumbers will have a healthy 2006.”

Picture caption: Research suggests that almost three-quarters of Britons are now prepared to buy a home that needs major renovations.

MyVillage, 15th August