More than three quarters of homebuyers who purchased a property over the last year were looking for a home requiring little or no work according to latest research from Yopa, highlighting the growing importance of presentation and condition in a market where buyers have become more selective.
The estate agency surveyed more than 1,000 people who had bought a home within the last 12 months and found that 77% were actively seeking properties that were either fully modernised or required only minor cosmetic improvements.
Just 3% of buyers said they were looking for a full renovation project, while a further 3% were prepared to take on a property requiring structural alterations or significant reconfiguration. A further 17% were willing to purchase a home needing modernisation or redecoration but which was otherwise structurally sound.
But over half (54%) said they wanted a property requiring only minor cosmetic updates and 23% were looking for a turnkey home requiring no work at all.
COMPETITIVE MARKET
The findings come at a time when sellers are facing a more competitive market. Recent data from Zoopla shows buyer demand is currently around 10% below levels seen at the same point last year, although agreed sales remain slightly higher year-on-year, suggesting active buyers remain committed to completing transactions.
When asked why they preferred homes requiring little work, the most common reason cited was avoiding the disruption associated with renovation projects. Buyers also pointed to a desire to move quickly, a lack of time due to work and family commitments, and limited DIY experience.
Among those willing to take on a project, securing a lower purchase price was the main motivation, followed by the opportunity to personalise the property and add value over time.
The research also found that most buyers remained committed to their original plans. Nearly four in five (79%) said they ultimately purchased the type of property they had intended to buy, with only 13% compromising by taking on a property requiring more work than they had originally planned.
SECURE SALE
Verona Frankish (main picture), Chief Executive Officer at Yopa, says: “Our research shows that the vast majority want a home that is ready to live in from day one, with only a very small proportion actively seeking a renovation project or a property requiring significant work.
“As a result, those sellers who invest in presenting their home in the best possible condition are likely to appeal to the widest pool of buyers and stand the strongest chance of securing a successful sale.”
