"It’s clear that an Englishman's home is still very much his castle with buyers demonstrating a clear demand to renovate and add their personal touch to their home despite soaring material and building costs"
- Daniel Copley - Zoopla
Data from Zoopla has revealed that 64% of British homebuyers who purchased a home within the last ten years renovated their home within the first two years of its purchase.
Older homes drive urgency for renovations
Those who purchased an older home tend to be more in a hurry to make home improvements, with 71% rushing to make changes in the first two years of purchasing, compared to 41% of those who bought a home that was built in the last ten years.
Whilst 45% of those who purchased a property built over ten years ago prefer older properties for their charm, this type of property is clearly a driver for renovations. 88% of those who bought a home in the last ten years carried out renovations, compared to the 69% who bought a newly built property.
21% of respondents stated that they purchased an older home due to the lack of availability of new homes in their preferred area, suggesting that the government's target to build 1.5 million new homes in England over the next five years will be most welcome.
Finance-conscious Brits prioritise cosmetic improvements
Purchasing a home is the single biggest purchase many will make in their lives however despite this, Brits often struggle to find the ‘perfect’ home, with 44% renovating within the first year of moving in.
Cheaper improvements like painting/decorating and garden revamp are the most popular amongst those who purchased a home in the last 10 years, with those who carried out these improvements spending an average of £2,495 and £3,538 respectively.
A new boiler was the only practical improvement with a cost of under £5,000 that featured in the top five most popular enhancements. 36% of those who purchased an older home in the last ten years had to replace the boiler compared to 13% of those who purchased a newer home.
Buyers who have made improvements spent an average of £20,760 on improvements ranging from £18,572 for those who purchase a newly built property to £21,485 for those who purchased a home over ten years old.
Outdated features (47%) are a key driver for renovations, while other reasons include improving energy efficiency (26%), increasing the resale value (22%) and fixing structural defects (15%).
Clear gap in understanding around new build quality standards
With 34% of respondents stating that they purchased an older home as they were worried about the quality of newer homes, it was unsurprising that the survey also highlighted a clear gap in consumer understanding when it comes to the New Homes Quality Code, a mandatory set of requirements that came into effect in December 2021 to improve the quality of new homes and customer service provided by developers.
51% were unaware that housebuilders and developers must register with the board, while another 58% were unaware that all newly built homes come with a two-year snagging guarantee.
“It’s clear that an Englishman's home is still very much his castle with buyers demonstrating a clear demand to renovate and add their personal touch to their home despite soaring material and building costs," commented Daniel Copley, Consumer Expert at Zoopla, adding “The most important thing to consider when buying either an older property or a newly built home is your budget. Older homes often require more maintenance compared to newer homes and whilst newer homes might seem expensive, the building standards they are built to mean you might end up saving more in the long run.”
