Two-thirds (66 per cent) of first-timebuyersareoptingfor "doer-upper"properties, choosinghomesin need of renovation to save money on the purchase price, a newsurveyreveals.
TheNationwide Building Societyfound that almost all newhomeowners(93 per cent) have completed at least one renovation or DIY project since moving in.
However, three-quarters (75 per cent) admitted they carried out more work than initially anticipated, with 25 per cent doing "much more" than expected and 18 per cent tackling major structural projects to get their property in order.
Despite the extensive effort, the "fixer-upper" route often allows buyers to achieve their dream home at a reduced cost. Many (41 per cent) secured a property in their preferred location, while 30 per cent valued the chance to gradually shape the home to their personal tastes over time.
More than a fifth (22 per cent) were able to future-proof their home for plans such as starting a family and nearly a quarter (23 per cent) also said buying a home that needed renovation work helped them to increase the value of their property.
And 89 per cent of first-time buyers described themselves as confident, excited or willing to take on DIY.
A fifth (20 per cent) of first-time buyers said they chose a property that needed work doing to it because they enjoy doing DIY and renovation projects.
Six in 10 (60 per cent) first-time buyers have spent more than £2,500 on DIY and home improvement projects since moving in, with 29 per cent spending more than £5,000.
The most common projects include painting and decorating, kitchen and bathroom improvements, new flooring and general repairs. Nearly a fifth (18 per cent) have taken on bigger structural projects, such as knocking through walls, building extensions or converting lofts.
Nationwide said its research indicates that a loft conversion or extension with a large double bedroom and bathroom can increase the value of a typical three-bedroom home by up to 24 per cent. Any net financial gains or losses from home improvements will depend on individual circumstances.
Nearly two-thirds (62 per cent) of first-time buyers factored DIY or renovation expenses into their savings when building their deposit. More than a fifth (21 per cent) borrowed more on their mortgage so they could keep savings back to fund improvements after moving in.
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Carlo Pileggi, Nationwide’s head of mortgage products, said: “For many first-time buyers, opting for a cheaper property that needs work is a deliberate and savvy choice rather than a compromise.
“By taking on a home requiring renovation, they are not only able to get onto the property ladder in the location they want, but they can shape it to their own taste while adding to its value.
“Although there’s a real enthusiasm amongst first-time buyers to roll up their sleeves, our research suggests many have had to undertake more work than they initially intended. This is where planning and having the right support can make a real difference.”
Nationwide commissioned Censuswide to survey 2,000 first-time buyers across the UK in April.
Here are the percentages of first-time buyers who were able to purchase a cheaper home because it needed renovation, according to Nationwide:
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North East, 77 per cent
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London, 70 per cent
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East of England, 69 per cent
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Wales, 69 per cent
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North West, 67 per cent
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South East, 64 per cent
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East Midlands, 65 per cent
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West Midlands, 63 per cent
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Yorkshire and the Humber, 63 per cent
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South West, 62 per cent
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Northern Ireland, 61 per cent
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Scotland, 52 per cent
And here are the percentages of first-time buyers who said they had performed more DIY or home improvement projects than expected:
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North West, 83 per cent
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North East, 80 per cent
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London, 78 per cent
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Wales, 78 per cent
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East Midlands, 76 per cent
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West Midlands, 76 per cent
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East of England, 74 per cent
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Scotland, 71 per cent
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Yorkshire and the Humber, 70 per cent
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South West, 70 per cent
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Northern Ireland, 68 per cent
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South East, 68 per cent
And here are the most popular renovation projects that first-time buyers have carried out:
1. Painting and decorating, 57 per cent
2. Bathroom improvements, 49 per cent
3. Kitchen improvements, 48 per cent
4. Flooring (laminate, carpets, tiling), 46 per cent
5. Repairs and maintenance (replacing grouting, door handles and clearing gutters), 45 per cent