A significant proportion of homebuyers in the UK undertake renovations soon after purchasing their property, with two-thirds (64%) of those who bought a home in the last 10 years making improvements within the first two years, according to new research from Zoopla.

Buyers of older properties are more likely to make immediate changes, with 71% carrying out renovations within the first two years of ownership, compared to 41% of those who purchased a home built in the last decade.

While 45% of those buying older homes cited charm and character as key attractions, these properties also appear to drive a greater need for renovations.

The data shows that 88% of homeowners who purchased a property over 10 years old have carried out improvements, compared to 69% of those who bought a newly built home.

A shortage of new homes also plays a role in buyer decisions, with 21% of respondents stating they opted for an older property due to a lack of available new-build options in their preferred location.

HOME IMPROVEMENT COSTS AND PRIORITIES

Many homeowners prioritise smaller, cost-effective renovations, with painting and decorating (57%) and garden revamps (34%) emerging as the most common improvements. Those undertaking these works spent an average of £2,495 and £3,538, respectively.

More substantial renovations, such as installing a new bathroom (32%) or kitchen (30%), were also popular but came at a higher cost, with average expenses of £7,009 and £9,861, respectively. Other common updates included replacing boilers (27%), updating electrics (22%), and improving plumbing (14%).

Homeowners who carried out renovations in the last decade spent an average of £20,760, with costs ranging from £18,572 for those in newer properties to £21,485 for those in homes over 10 years old. The need to modernise outdated features (47%) was the most common reason for renovations, followed by improving energy efficiency (26%), increasing resale value (22%), and addressing structural issues (15%).

AWARENESS GAP ON NEW BUILD QUALITY

Concerns over build quality remain a factor in purchasing decisions, with 34% of respondents stating they chose an older property due to worries about the standard of new-build homes. The research also revealed a knowledge gap among buyers regarding the New Homes Quality Code, a set of mandatory requirements introduced in December 2021 to improve construction standards and customer service from developers.

51% of those surveyed were unaware that housebuilders and developers must register with the code’s governing board, while 58% did not know that all newly built homes come with a two-year snagging guarantee.

CONSIDERING THE COSTS OF RENOVATION

Daniel Copley, spokesperson at Zoopla, said that while homebuyers remain keen to personalise and improve their properties, budget considerations should be a priority.

“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.”