Zoopla survey finds 70% of Britons prefer to buy home needing work

Updated

Seven in 10 Britons would rather buy a home that needs work than one that is ready to move into, a survey has found.

With property prices continuing to increase and a lack of choice of homes available for buyers in some parts of the country, property website Zoopla found 70% of Britons would rather take on a "project" that they can do up than buy one in perfect condition.

The research among nearly 1,600 people, of whom nearly 1,300 are home owners, found that on average people would be prepared to spend £17,765 on getting a property up to scratch.

Across the country, home improvers in London and the South East of England would be prepared to set aside the most to add their personal touch to a property, with averages of £22,413 and £20,047 respectively.

People in Wales would put the least aside, budgeting an average of £7,705.

The research also suggests that many people would do up their home in order to sell up and move up the property ladder, rather than enjoying it themselves.

The potential re-sale value of a home is one of the key motivations for doing it up, the research found, with six in 10 (61%) people saying they would try to calculate the value that a renovation would add before carrying out any work on a property.

Those surveyed generally believed that a wow factor kitchen could add the most value to a property, followed by a new bathroom and extending the property to include a loft conversion or a conservatory.

Two thirds of Britons (63%) also felt it was important to keep the style of a house neutral to appeal to a wider pool of buyers.

But improving a property might be easier said than done - as nearly two-thirds (64%) of those surveyed said no matter how many improvements they make there are always more to do.

One in four (24%) people confessed to starting DIY projects and leaving them unfinished.

Lawrence Hall, a spokesman for Zoopla said: "Buying a property that needs work can be an excellent way of both adding value and improving the living space of a home."

Here are the average amounts that people said they would be prepared to set aside for home improvements, according to Zoopla:

- East Midlands, £15,709

- East of England, £18,885

- London, £22,413

- North East England, £11,224

- North West England, £13,346

- Scotland, £13,572

- South East England, £20,047

- South West England, £18,798

- Wales, £7,705

- West Midlands, £17,789

- Yorkshire and the Humber, £14,987

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