Over half of homeowners 'prepared to make renovations'

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Around one in two homeowners are prepared to make renovations to a property in order to make it their perfect home, according to new research.

The study by Yorkshire Bank found that 52 per cent of property owners are willing to do work on a bargain property in order to both make it more attractive to them and prospective buyers.

It was also found that 42 per cent of housebuyers feel that buying an older house can be a gamble, while 57 per cent of men would not be phased fazed by doing renovations.

Gary Lumby, head of retail for Yorkshire Bank, said that homes in need of repair "typically attracted property developers with their eye on turning a profit".

However, he added: "It seems housebuyers are also on the lookout for a bargain and will take on relatively major renovation work, such as replacing a roof or rewiring, if it helps them to secure their dream home for a more affordable price."

Previous research by Yorkshire Bank found that an increasing number of twentysomething homeowners are also thinking about moving out of cities into the countryside.

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