UK homebuyers are increasingly prioritising properties in good condition rather than requiring extensive works as higher borrowing costs reshape their priorities, according to new research from Market Financial Solutions.
The specialist lender commissioned an independent survey of 2,000 UK adults, 916 of whom have recently bought, are in the process of buying, or plan to buy a property in the coming 12 months. Repeating an identical survey from July 2024, the lender asked the homebuyers which factors they considered important during their property hunt.
This year, the quality and finish of the property was cited by 79% of buyers as an ‘important’ or ‘very important’ consideration — placing it first overall, up from fourth in 2024.
In contrast, the potential for extensions and conversions has fallen to the bottom of the priority list, with just 56% of respondents indicating that it was important to them.
The data suggests that today’s buyers are more focused on convenience and certainty amid an elevated cost of borrowing.
Paresh Raja, CEO of Market Financial Solutions, said: “Our ‘Homebuyer Wishlist’ survey monitors how the wants and needs of UK property buyers evolves over time. The standout finding this year is that there is an increased desire for properties in a good condition.
“With borrowing costs still above the levels seen from 2008 to 2022, buyers are perhaps seeking stability and predictability, favouring homes that are ready to move into rather than those needing renovation or refurbishment. Any ‘doer upper’ brings uncertainty, particularly when it comes to the cost of materials and labour, as well as the potential for delays, which can present challenges from a financing perspective.
“But as ever, we have to appreciate that all homebuyers are different. Some will relish a project, others want the turnkey option. As lenders must double down on optionality when offering flexible, fast finance that allows buyers to act with confidence when the right property becomes available.”
