"Buying the perfect home is an aspiration shared by many, but the decision between purchasing a project property or a turnkey home is increasingly complex in today’s market, influenced by factors beyond just location and price"
- Nick Leeming - Jackson-Stops
A ‘freshen-upper’ is the most desirable property type (49%) when looking for a new home with almost half of prospective buyers pointing to personalisation as a key influence in their decision, according to new research from national estate agency, Jackson-Stops.
The research, which surveyed over 3,000 of Jackson-Stops customers from across England and Wales, revealed that more than double the number of buyers want a ‘freshen-upper’ property (49%) that only requires small scale improvements, compared to a turnkey (22%) or full fixer upper project (16%).
Although, of the 22% of prospective movers who would choose a move-in-ready turnkey property, 33% admitted the greatest motivator for doing so was energy efficiency, underscoring how energy an energy-efficient home isn’t just a nice to have, it is becoming a decisive factor in light of higher energy bills.
Convenience also plays a significant role when opting for a turnkey home
27% of respondents indicated they don't have the time to arrange renovations or significant improvement works. This suggests that busy lifestyles and work commitments are major factors at play in buyers’ decisions. A further 14% stated that their decision would be based on a need to move quickly, reasons for this could include job relocations, family changes, or the need to press on in a highly competitive housing market.
Nick Leeming, Chairman of Jackson-Stops’, comments: “Buying the perfect home is an aspiration shared by many, but the decision between purchasing a project property or a turnkey home is increasingly complex in today’s market, influenced by factors beyond just location and price.
“With the average age of a first-time buyer now 37 and often juggling demanding careers and family responsibilities, we are seeing a growing trend towards turnkey properties. These move-in ready homes appeal to time-strapped buyers who want to avoid the necessary organisation and additional costs of renovations.
“Though, the allure of a project property remains strong for a certain segment of buyers. The opportunity to customise a home to their personal taste while also potentially increasing its value through improvements is highly attractive to those with the time, budget and vision. Particularly in areas rich with historic properties, the chance to restore and modernise a character-filled home can be irresistible to buyers seeking a unique living experience.
“The choice between a project and a turnkey property often comes down to personal preference, with a buyer’s lifestyle, budget and personal goals all playing a part in the decision. Both options have their merits, and we’re seeing the market and legislation adapt to cater to these diverse buyer preferences.”
Fall in popularity for project homes
While the least popular choice, the DIY days are not over with 16% of prospective movers choosing a project property. Personalisation was the top reason with nearly half (47%) of respondents citing the ability to customise the property to their exact preferences as the main motivator.
This suggests that buyers want a home that reflects their personal style and lifestyle needs. Though, the time and effort that a sympathetic renovation can take, means that life stage can play a part in the decision to take on a fixer-upper.
For buyers wanting to give back, 24% said they would choose a fixer-upper in order to preserve the original historical or character features of a property, demonstrating a clear appreciation for the architectural heritage that is commonplace across Britain.
Crispin Harris, Director of Jackson-Stops Alderley Edge, comments: "I'm constantly in awe of vendors who take on the challenge of restoring a property. It requires a unique vision to walk through a property and see its hidden potential. The transformation can be truly breathtaking - watching a historical home lovingly restored to its former glory, seamlessly blending period features with modern comforts.
“Renovation is both a passion project and a fantastic investment opportunity. It allows homeowners to create a unique living environment that perfectly suits their lifestyle and tastes. There's an undeniable joy in bringing a piece of history back to life and preserving architectural heritage for future generations.
“A prime example is Barlaston Hall, a Grade I Listed country manor we recently brought to market. Meticulously restored to its full 18th-century grandeur, it now serves as both a family home and a versatile events venue - hosting everything from weddings to yoga retreats, literary festivals to fashion shows.
“The restoration of such properties offers a unique blend of historical preservation, creative fulfilment, and smart investment - a combination that continues to captivate and inspire our clients."
