The return of the renovation buyer? A shifting mindset in today’s market

Recent coverage in The Times has highlighted a striking trend: the price gap between renovated homes and doer-uppers is now at its widest on record – exceeding £100,000 in many cases.

At face value, this suggests buyers are continuing to favour turnkey properties, deterred by elevated build costs and uncertainty. However, on the ground, the picture is more nuanced.

At Middleton, we are seeing a subtle but important shift in client behaviour – one that reflects not just economics, but evolving priorities around lifestyle, control, and long-term value.

A more considered approach to projects

As London Advisor, Oliver Sanhaji explains:

“Projects are becoming slightly more palatable for clients considering undertaking their own renovations.

I don’t think our clients’ true desire to take on a project has never really disappeared – they’ve just been navigating around whether the investment makes sense in the first place.

Ultimately, most clients still want to create a home that reflects their own style. With such varied personal tastes, many are reluctant to pay a premium for a finished property, only to spend additional money altering it afterwards.”

This reflects a key dynamic we are seeing across both London and the country: while cost pressures remain, the emotional and practical drivers behind renovation have not gone away.

For many buyers, particularly those planning to hold a property long-term, the appeal of creating something bespoke continues to outweigh the convenience of a finished product.

When “turnkey” doesn’t quite fit

Even at the top end of the market, fully renovated homes are not always the perfect solution.

“With one client, we explored a wide range of properties, and even when presented with homes finished to an excellent standard, he still wanted to change elements to suit his preferences. As a result, he chose to take on a project, which he is now pursuing. He plans to invest significantly over the next 18 months, and as it’s a long-term hold, he’s comfortable with that commitment.”

This is something we encounter frequently. High-quality refurbishments can command a premium – but they are ultimately a reflection of someone else’s vision. For buyers with a clear sense of their own requirements, compromise often leads to additional cost down the line.

Flexibility is driving renewed confidence

Another emerging theme is flexibility – particularly among internationally mobile clients or those in sectors such as technology.

“Another client, who works in tech and is moving back to the UK, is in a similar position. He has the flexibility of time and is keen to return and develop a property in his own style. With a 12–14 month timeframe, he can complete the project without disrupting his day-to-day life.”

Where time pressure is reduced, projects become more viable. Buyers are better able to plan, phase works, and manage risk – making renovation a more attractive proposition than it might have been during the peak of cost inflation.

Where caution remains

That said, the challenges highlighted in The Times remain very real. Construction costs, labour shortages, and unforeseen works continue to shape decision-making.

As Oliver notes:

“That said, clients remain very cautious when it comes to more intensive works, such as basements and excavation. From my perspective, costs in these areas have not decreased and remain prohibitively expensive. As a result, basement projects have become less popular. Outside of that, however, more clients are increasingly open to taking on their own renovation projects.”

This distinction is important. Buyers are not avoiding projects entirely — they are becoming more selective, favouring manageable refurbishments over complex structural schemes.

A more balanced market

The current market is often framed as a simple choice between convenience and cost. In reality, it is increasingly about alignment.

• Turnkey properties remain highly desirable where quality and specification are right
• But premiums are being scrutinised more closely
• And well-bought projects, with the right scope, are regaining traction

The £100,000 price gap referenced in The Times is not just a reflection of cost – it is also a signal of opportunity for those willing to approach projects strategically.

Click here to speak to Oliver directly.

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