Potential homeowners could fork out more than £70,000 upgrading an average property to new build standards, which could mean the cost of doing up existing properties are underestimated.

According to the Home Builders Federation’s (HBF) ‘Get on with Living’ report, bringing an average three-bed semi-detached house to new build standards would cost as much as £73,271.80.

The most significant costs were windows and doors at £12,000, followed by rendering at £10,882.50 and kitchen upgrades at £10,550.

Around 71 per cent of the population expected to set aside more than £30,000 and nearly a quarter said they forecast spending between £10,000 and £20,000.

The report added that 85 per cent of new homes achieved an Energy Performance Certificate (EPC) rating of A or B, which compared to around four per cent of older homes.

More than half of respondents said lower utility bills and running costs due to increased energy efficiency would encourage them to buy a new home.

Low maintenance would also be a consideration for homebuyers, with 41 per cent saying it would encourage them to buy new.

‘Horrible hidden histories’

Neil Jefferson, managing director of HBF, said: “This report helps to uncover the hidden savings new builds offer as a result of investment in research and more environmentally friendly building materials.

“This coupled with home builders’ commitments to support the government’s Net Zero ambitions means that new build homes have superior energy-efficiency performance and offer buyers significant value for money.”

He added: “Homebuyers retrofitting an older property often incur tremendous upgrade costs and disruption to their family life, not forgetting unexpected bills putting right horrible hidden histories uncovered along the way.

“In the face of mounting pressures on households, there’s much to be said for value new builds offer and the energy-bill savings energy efficient homes deliver.”