28 May

Brits opt for older houses in search of the dream home

Brits opt for older houses in search of the dream home

New research has revealed that more than half of British homeowners would be willing to buy an older property in need of repair in order to get the home of their dreams.

Yorkshire Bank's quarterly Housebuyers survey also found that bargain period properties are more popular than modern homes, while 78 per cent of first-time buyers said that the security of a National House Building Council guarantee would not persuade them to opt for a new-build.

However not all buyers were willing to take on building or renovation work, with 69 per cent of respondents in their twenties saying a new build in perfect condition would be top of their wish list.

Gary Lumby, Yorkshire Bank's head of retail, commented: "In the current climate, it seems house buyers are on the lookout for a bargain and will take on relatively major renovation work … if it helps them to secure their dream home for a more affordable price."

Research released earlier today by Halifax showed that 28 per cent of homeowners are planning to make improvements to their property this year in order to add value.
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