Results of a recently conducted study have suggested that many property buyers would prefer to take on an older house in need of repair than buy a newly-built home.

According to Yorkshire Bank, more than half (52 per cent) of all respondents to its quarterly housebuyers survey stated that they were prepared to undertake significant renovation projects in pursuit of their dream property. Period housing was said to be proving popular among buyers, with many people claiming that they would prefer an older property to a new build. Nearly eight out of ten (78 per cent) said that they would be unlikely to purchase a new property even if it had been accredited by the National House Building Council.

For those who have recently purchased a property that is in need of repair, taking out a home improvement loan may be of assistance in funding the renovation work. In taking out this type of homeowner loan, people may be able to undertake projects quickly and efficiently, with the additional finance offering the flexibility to carry out professional consultation before work is undertaken to ensure things go smoothly.

While many would prefer to live in an older property, 42 per cent of respondents said that it can turn into a financial gamble, with home maintenance and improvements identified as potentially costly areas of expenditure.

Gary Lumby, Yorkshire Bank’s head of retail, said: “During the property boom of recent years, homes in need of repair typically attracted property developers with their eye on turning a profit. However, in the current climate, it seems housebuyers are also on the lookout for a bargain and will take on relatively major renovation work, such as replacing a roof or rewiring, if it helps them to secure their dream home for a more affordable price.”

Despite the desire to make improvements, consumers said that modernising period homes could end up making the property less attractive. According to the firm, 43 per cent of people said that they would be put off a property that had an old exterior but contained fully modernised fittings and furnishings inside. It was stated that in doing so, an older property could lose its charm and original character.

“Buyers looking for period homes would much prefer them to retain their original feel and features throughout and are more likely to pay a premium for this rather than for state of the art fixtures and gadgets far more appropriate for a modern build,” Mr Lumby explained.

The study also noted a trend among consumers who wanted to take on home improvement tasks but had been unable to do so because of time constraints arising from work and other commitments. Professionals were identified as the occupational group most likely to opt for a new build property, with 69 per cent of respondents in their 20s saying that they would prefer a home that required no additional work.

Earlier this month, Yorkshire Bank revealed that buyers are also becoming increasingly keen on out-of-town properties, with 59 per cent of people believing that living in a rural area would bring health benefits to their household.

1 Stop Finance Shop providing you with breaking homeowner loans news.