"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"
- Paresh Raja - Market Financial Solutions
Rising borrowing costs are influencing UK homebuyers to prioritise properties in good condition over those requiring significant renovation, according to new research from Market Financial Solutions (MFS).
The London-based specialist lender commissioned an independent survey of 2,000 UK adults, 916 of whom had recently bought, were in the process of buying, or planned to purchase a property within the next 12 months. By repeating an identical survey conducted in July 2024, MFS aimed to track how buyer preferences are evolving.
This year’s results show a notable shift in priorities. The quality and finish of a property was cited by 79% of respondents as an ‘important’ or ‘very important’ factor, making it the top consideration overall, up from fourth place in 2024.
By contrast, the potential for extensions and conversions now ranks lowest on the list of buyer priorities, with only 56% indicating that it is an important factor in their search.
The findings suggest a growing emphasis on convenience and financial predictability in a market shaped by elevated borrowing costs.
Paresh Raja, CEO of Market Financial Solutions, explained, “Our ‘Homebuyer Wishlist’ survey monitors how the wants and needs of UK property buyers evolve over time. The standout finding this year is that there is an increased desire for properties in 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.”
