New research from the Home Builders Federation (HBF) reveals that homebuyers could expect to pay over £70,000 to upgrade an average property to new build standards, according to the ‘Get on with living’ report published today (Monday, February 27th).
The study suggests that many potential homeowners are significantly underestimating the costs of upgrading an existing property.
The report found that 71% of the population expected to spend no more than £30,000, while almost a quarter (23%) predicted a spend of between £10,000 and £20,000.
Neil Jefferson, managing director of HBF, said: “This report helps to uncover the hidden savings new builds offer as a result of investment in research and more environmentally friendly building materials.
“This coupled with home builders’ commitments to support the government’s Net Zero ambitions means that new build homes have superior energy-efficiency performance and offer buyers significant value for money.
“In the face of mounting pressures on households, there’s much to be said for value new builds offer and the energy-bill savings energy efficient homes deliver.”
The report, which marks the start of New Homes Week, an annual campaign to raise awareness of the benefits of new homes and share guidance to support prospective buyers in making their move, found that 85% of new homes now achieve an A or B EPC rating, compared to just 4% of older homes.
Loft and cavity wall insulation are among the list of potential upgrades and a priority for many homebuyers.
The expense of upgrades and maintenance works can quickly add up, with typical works to an average 3-bedroom semi-detached home costing £61,489.30.
When including exterior rendering and guttering, this figure increases to £73,271.80.
“Low maintenance was also identified as a key consideration for homebuyers, with 41% claiming that would encourage them to buy new,” the report said. “Homebuyers retrofitting an older property often incur tremendous upgrade costs and disruption to their family life, not forgetting unexpected bills putting right horrible hidden histories uncovered along the way.”
