A study this year by This is Money has revealed that people in the UK are choosing to buy properties they need to renovate as it’s the only way they can get on the housing market. This is appealing to the younger generation who are desperate to get up onto the property ladder and have the time and energy to actually get on with the DIY and renovation.
35% of Britons are choosing to purchase a home that needs repairs, in order to get on the property ladder. According to this data, the:
- Average UK house price (as of Jan 2016) is £196,829.
- Average cost of property that needs work is £152,792.
- Average cost of renovation is £33,039.
- The cost of buying a home and renovating it themselves is £185,831, resulting in a saving of £10,998.
Where I live in Staffordshire, the houses are a lot less than the UK average, however where I am moving to in Winchester they are a lot more. I will not be able to afford to buy a ‘finished’ house down there and when I do start looking to buy, I will probably have to get one which needs work doing to it.
Bedroom furniture specialists Oldrids & Downtown has created this research to identify renovation trends and help you make the most informed decision when making your next purchase.
Locations for home improvement
Barbour ABI researched further in Home Improvers of Great Britain 2016 to find out if there were any trends in the home improvement market. They were able to identify the locations of some of the most – and least – likely areas of the UK to carry out home improvements.
Most likely districts for home improvement
- Kensington and Chelsea
- Hammersmith and Fulham
- South Bucks
All of the above areas are in London and the home counties.
Least likely districts for home improvement
- Stoke on Trent
- West Dunbartonshire
All of the above areas are in the Midlands or the North/Scotland which just shows that Southern England is more expensive than anywhere else.
What will affect the costs of your project?
The cost of a renovation project can be affected by a number of factors. These can include:
The size and style of the home. The number of storeys in the house influences the price of renovation, as well as the floor space in general.
The postcode of your home. Like home insurance or house prices, the postcode can impact the renovation price. Obviously the further north you go, the cheaper the houses get. It just depends on where you want to live.
Other features of the home. Other factors within the home can impact the cost, including the number of bathrooms the house has, the garage (or number of garages) and the number of bathrooms. When I look to get a house, realistically I will only be looking for one bathroom and one garage. I can’t imagine ever needing more than the one garage!
Homebuilding & Renovating has a calculator to give a guide to the cost.
Estimated costs per task
Many renovation projects can be broken down in to mini projects or tasks. As renovation isn’t a one-size-fits all task, it’s worth considering the below costings when trying to determine your own renovation project. Use this checklist for a quick calculation, but remember that the size, style and postcode may alter this.
|Task||Estimated cost on average 3-bed home*|
|Adding a bathroom||£2,500|
|Adding a kitchen||£4,500|
|Adding central heating||£5,000|
|Removing dry rot||£1,000|
|Fixing collapsing ceilings (related to damp)||£500 per room|
|Replacing the roof||£3,000|
|Replacing roof tiles||£200|
*Estimate supplied by Homebuilding & Renovating
It all seems so expensive and kind of puts me off ever buying a house that needs renovating, however I know that it would be better off in the long run as it would cost less.
Have you got yourself on the property ladder yet? Would you buy a house that needs major work doing to it?