Nick Leeming, Chairman of Jackson-Stops, provides his insight on our latest research which shows that Britain’s aspiration for a property project is booming.
Our latest research, which analysed the views of over 1,200 people on their preferences for home ownership, found that more than eight in ten British buyers would purchase a home in need of renovation, with only 5% of Londoners prepared to purchase a home with no renovation work required at all.
It is no secret that the British public love a renovation project, but these figure could well be heightened by uncertainty around Brexit and high stamp duty costs. These factors could be encouraging buyers to purchase homes with the view to make a profit on renovation works, which would hopefully offset future stamp duty costs.
Renovation work
According to our research, just under four in ten people would purchase a home in need of a new kitchen or bathroom installation, whilst an impressive 42% would be prepared to undertake a major renovation project such as structural alterations or a large extension. A hot tip from me for those looking to undertake such a project would be to check whether previous owners have applied for planning permission for home renovations before and whether this was granted or has lapsed. Those looking to sell their home with planning permission for improvements will find this adds a significant premium to the property, as this allows the buyer to start creating their dream home from day one, which is an undeniable bonus.
The dream kitchen
Unsurprisingly, our research found that the kitchen is still the heart of the home, with nearly half of British respondents stating that having space for a family size dining table was the most important feature to include in a dream kitchen. However, turning our attention to London, where space is at a premium, buyers tend to favour integrated appliances over a spacious kitchen area – with dishwashers ranked as their most important feature.
Interestingly, an Aga ranked as Britain’s third most important feature, whilst only 2% said a breakfast bar was essential.
The dream configuration
When considering the configuration of their perfect homes, more than six in ten respondents to our survey said they desired an open plan kitchen and dining area, with a lounge positioned separately.
Less than 29% of London residents said that they would want an en-suite to accompany their master bedroom. This figure rises to 43% when analysing the responses from across the country, while those looking to install kitchen gardens may want to reconsider, with only 12% stating they would prefer this garden in their dream home.
