Buyers expect to spend £35,000 retrofitting their purchase – research

Posted on Wednesday, September 18, 2024

Prospective homebuyers are preparing to invest substantial amounts in retrofitting and renovating their properties to boost the value of their purchase.

Research by Mortgage Advice Bureau found buyers are focusing on both aesthetic and functional improvements, with the average expected expenditure exceeding £35,000.

The most common upgrades including decorating or painting (28%) and buying new furniture (22%).

However, it seems many are also keen to incorporate energy efficient upgrades as part of their renovation plans. A fifth (22%) plan on installing energy efficient fittings, 20% of respondents plan to add solar panels, while 18% are aiming to improve insulation in the property.

This trend aligns with Mortgage Advice Bureau’s research last year, which found that 36% of potential homebuyers consider a higher EPC rating important for eco-friendly living.

Ben Thompson, deputy chief executive at Mortgage Advice Bureau, said: “The strong interest in energy efficiency upgrades among homebuyers highlights their commitment to retrofitting properties for a greener future.

“However, to realise these ambitions, we must provide robust support and practical solutions. The UK’s housing stock remains notably inefficient compared to European standards, and addressing this challenge is crucial for our path to net zero.

“It’s essential that both the mortgage industry and the government work together closely to drive this transition. By enhancing the appeal of green mortgages—through increased borrowing limits, lower rates, or cashback incentives—we can significantly accelerate the shift towards a more sustainable and environmentally friendly housing market.”

Via @EstateAgentToday