Prospective homebuyers are preparing to invest significant amounts in retrofitting and renovating their properties, research from the Mortgage Advice Bureau (MAB) has indicated, with the average expected expenditure reaching £35,523.

Around two in five (39%) of respondents to MAB’s study are planning to spend even more than this amount.

MAB’s new data, based on a study among 1,003 prospective buyers looking to purchase in the next two years, found that buyers are focusing on both aesthetic and functional improvements, with the most common upgrades including decorating or painting (28%) and buying new furniture (22%)

However, the findings also suggested that many are also keen to incorporate energy efficient upgrades as part of their renovation plans. MAB found that 22% plan on installing energy efficient fittings, 20% of respondents plan to add solar panels, while 18% are aiming to improve insulation in the property.

MAB suggested the data reflects a growing commitment among homebuyers to enhance energy efficiency and reduce their environmental impact.

“The strong interest in energy efficiency upgrades among homebuyers highlights their commitment to retrofitting properties for a greener future,” commented deputy CEO at Mortgage Advice Bureau, Ben Thompson.

“However, to realise these ambitions, we must provide robust support and practical solutions. The UK’s housing stock remains notably inefficient compared to European standards, and addressing this challenge is crucial for our path to net-zero.

“It’s essential that both the mortgage industry and the Government work together closely to drive this transition. By enhancing the appeal of green mortgages – through increased borrowing limits, lower rates, or cashback incentives – we can significantly accelerate the shift towards a more sustainable and environmentally friendly housing market.”

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