Paul Hilton, the chief executive of the Scottish property portal ESPC, has challenged the traditional advice to “don’t move, improve,” asserting that rising costs and the effects of Brexit have made renovation projects far less cost-effective than moving to a new home.

Key Points from Hilton’s Argument:

1. Soaring Renovation Costs:
   • Inflation and Brexit have significantly increased the cost of home improvements:
     • Kitchen installation costs have risen by 22% since 2019, according to Which?.
     • Larger renovations like extensions or loft conversions have become prohibitively expensive, often costing tens of thousands more than just a few years ago.
2. Shift in Buyer Preferences:
   • Buyers are increasingly favoring turnkey properties (fully-finished homes requiring little to no renovation) over “doer-uppers.”
   • Hilton noted that many homeowners who planned to upgrade over time are now finding it more affordable to purchase a completed property, even if it means compromising on location.
3. Market Trends:
   • Data from espc.com indicates a trend toward higher interest in turnkey homes.
   • Properties with long-term potential are gaining popularity, as buyers aim to minimize the need for costly upgrades or future moves.
4. Energy Efficiency and Eco-Friendly Features:
   • Rising interest in properties with modern, eco-friendly systems and minimal future upgrade requirements.
   • Buyers are considering new builds that come equipped with sustainable heating and insulation systems, reducing long-term costs.
5. Market Conditions:
   • Hilton highlighted the current housing market as favorable for buyers:
     • Increased availability of properties compared to recent years.
     • A less competitive market, offering buyers more flexibility and choice.

Implications for Homeowners and Buyers:

• Renovation Planning: Homeowners considering extensive upgrades might weigh the rising costs against the potential benefits of moving.
• Turnkey Properties: Buyers are likely to prioritize convenience and affordability over location or the potential of renovating.
• Sustainability Features: As eco-friendly systems become more desirable, properties with these features may see increased demand.
• Market Dynamics: The current market conditions could encourage hesitant buyers to make a move sooner rather than later.

While Hilton’s views reflect the interests of the property market, the challenges he outlines resonate with many homeowners facing steep renovation costs and changing buyer behavior.