Almost a third of homeowners have put off moving house because their property needs work, research from We Buy Any Home found.
32% said they decided not to sell as they were worried their home would not sell or fetch the price they wanted in its current state.
Elliot Castle, CEO of We Buy Any Home, said: “Our survey has found a significant number of people are holding off on moving because they think their home needs to be perfect.
“From outdated kitchens to tired exteriors, many sellers feel compelled to renovate before taking the leap, which often comes at significant cost and stress.”
Those aged 35 to 44 were most likely to say upgrades were holding them back.
Other reasons for not selling included concerns about not getting the right price at 42%, wanting to see if the market improves at 33% and 24% saying the process was too much hassle.
When asked about plans for the next five years, 41% said they would upgrade their kitchen or bathroom.
Garden improvements were the next most common, while 17% were looking at installing solar panels.
10% had plans for an extension and 9% were thinking about a loft or basement conversion.
Castle added: “Autumn is traditionally busy for the property market but concerns over changes in the upcoming Budget, mortgage rates and the cost of living in general are understandably making people wary.
“But people shouldn’t feel stuck just because their home isn’t ‘market ready’. Major home improvements can run into tens of thousands of pounds.
“Many people want to put their own stamp on a property when they move in, so it’s important to ensure any house renovations justify the cost of the outlay.”
He said: “It might be worth considering putting a focus on essential repairs and updates that will improve the chances of a quick and successful sale.”