- A new survey by Nationwide Building Society reveals that two-thirds (66 per cent) of first-time buyers are opting for "doer-upper" properties to save money on the purchase price.
- Almost all (93 per cent) new homeowners have completed at least one renovation project, with three-quarters (75 per cent) admitting they carried out more work than initially anticipated.
- Many buyers choose these properties to secure a home in their preferred location (41 per cent), gradually shape it to their personal tastes (30 per cent), or increase its future value (23 per cent).
- The research indicates that 60 per cent of first-time buyers have spent over £2,500 on home improvements, with 29 per cent exceeding £5,000 on projects ranging from painting to structural changes.
- Carlo Pileggi, Nationwide’s head of mortgage products, highlighted that while this is a savvy choice, buyers often underestimate the extent of work required, emphasising the importance of planning.
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