77% of homebuyers seek homes requiring no work
The latest research from Yopa has found that 77% of homebuyers who have purchased within the last year were looking for a property requiring little or no work, highlighting the importance of presenting a market-ready home in current conditions where buyers are harder to come by than they were a year ago.
Yopa commissioned a survey of more than 1,000 UK homebuyers who had purchased a property within the last year, examining the type of home they were looking to buy, the factors influencing their decision, and whether they ultimately purchased the type of property they had originally intended.
The research found that current buyer activity is spread relatively evenly across the market. First-time buyers accounted for 25% of purchases completed over the last year, whilst second-step buyers and third-steppers each accounted for a respective 28% of activity. Downsizers were responsible for the remaining 19%.
However, whilst activity remains balanced across buyer groups, the latest market data from Zoopla suggests that securing a buyer has become more challenging for those looking to sell. Buyer demand is currently sitting some 10% below the level seen this time last year, although agreed sales are up 1% year on year, demonstrating that those entering the market are doing so with genuine intent to transact.
So what are today’s buyers looking for?
Just 3% of those surveyed said they were actively seeking a full renovation project, whilst a further 3% were prepared to purchase a home requiring structural changes or reconfiguration.
A further 17% were willing to buy a structurally sound property requiring full redecoration or modernisation.
The vast majority, however, were looking for a home that was ready to live in. More than half of all buyers surveyed (54%) said they were prepared to undertake only minor cosmetic updates, whilst 23% wanted a fully modernised, turnkey property requiring no work at all.
When asked why they favoured a property requiring little or no work, the most common reason was avoiding the disruption associated with renovation works (21%). Buyers also cited a desire to move in quickly (17%), a lack of time due to work or lifestyle commitments (15%), and a lack of DIY skills or experience (15%).
For those willing to take on a project, the motivation was primarily financial. The most common reason was securing a lower purchase price (21%), followed by the ability to create their own style and features (19%) and the opportunity to add value to the property (16%).
Despite ongoing affordability pressures, most buyers remained committed to their original plans. Some 79% stated that they ultimately purchased the type of property they had originally intended to buy. Just 13% compromised by purchasing a property requiring more work than planned, whilst only 8% opted for a property requiring less work.
Importantly for sellers, housing stock availability was not a major factor in shaping these decisions. Seven in ten buyers (70%) said that stock availability within their chosen area had no influence on the level of work they were willing to take on.
Verona Frankish, Chief Executive Officer at Yopa commented:
“Whilst the market remains resilient, home sellers are facing a more competitive landscape when it comes to attracting a buyer. Demand levels are currently below where they were this time last year and so it’s important to understand what today’s buyers are actually looking for.
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.
Whilst sellers may assume that bringing a property to market in need of improvement could appeal due to the lower asking price, today’s buyers are placing a premium on convenience, certainty and a seamless move.
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.”
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