Two-Thirds of UK First-Time Buyers Buy Fixer-Uppers

A survey of 2,000 first-time buyers across the United Kingdom has revealed that two-thirds purchased properties requiring renovation work to reduce the purchase price, allowing many to secure homes in their preferred locations.

Nationwide Building Society, which commissioned the research from Censuswide in April, reported that 93 percent of respondents had completed at least one DIY or renovation project since moving in. Of those, three-quarters undertook more work than anticipated, including 25 percent who did much more than expected and 18 percent who tackled major structural changes such as knocking through walls, building extensions or converting lofts.

The strategy enabled 41 percent to buy in desired areas, 30 percent to customize their homes to personal tastes and 23 percent to boost property values. An additional 22 percent said it helped future-proof their homes for needs like starting a family. Nationwide noted that a loft conversion or extension adding a large double bedroom and bathroom could increase the value of a typical three-bedroom home by up to 24 percent, though net financial outcomes vary by circumstance.

Common projects included painting and decorating,...