Most buyers are no longer willing to take on major renovation projects, while first-time buyers are increasingly favouring homes they can move straight into, according to new research from property group LRG.

A survey of more than 700 buyers and sellers carried out in the three months from April to June of this year found that only 6% of buyers would actively seek a property needing significant renovation, while 53% said they would not take on major work at all.

Work costs

However, the research suggests demand has not disappeared entirely. A further 41% of buyers said they would consider a renovation project, but only where the asking price reflected the cost of the work required.

The most notable shift in behaviour has come from first-time buyers, traditionally some of the biggest buyers of doer-uppers.

Only 5% said they would actively seek a renovation project, while 43% would only consider one if it was priced accordingly.

The research from Octane Capital, cited by LRG, shows that renovating a typical doer-upper could cost £85,000 or more.

A doer-upper only sells when the price genuinely covers the cost of the work.”

Mark Manning (pictured), Managing Director of Manning Stainton, part of LRG, said: “Buyers haven’t fallen out of love with homes that need work. They’ve fallen out of love with paying twice, once at the asking price and again at the builder’s merchant.

“With more homes on the market than we’ve seen for years, a doer-upper only sells when the price genuinely covers the cost of the work. Sellers who accept that from day one do well. Those who price for the finished house, rather than the one they’re actually selling, watch interest dry up within a fortnight.”