Housebuyers 'show interest in buying older properties'

New research has suggested that housebuyers in the UK are showing an increased interest in taking out a mortgage to buy older properties.

The study by Yorkshire Bank found 52 per cent of homeowners would be prepared to undertake renovation on a newly-purchased property in order to achieve their perfect home.

While 48 per cent of housebuyers stated that older homes can be a financial gamble, 57 per cent of men felt they would not be phased fazed by having to do work on them.

Gary Lumby, head of retail for Yorkshire Bank, said that older properties generally attracted property developers.

"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," he added.

Previous research by Yorkshire Bank revealed that a growing number of homeowners are thinking about buying properties in the countryside.

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