The majority of homeowners in Britain would opt to purchase a property in need of refurbishment, according to a survey from Yorkshire Bank.

The study found that 52 per cent of homeowners would rather sculpt their ideal home from a property in need of some DIY, although more men would be willing to renovate than women.

Gary Lumby, Yorkshire Bank''s head of retail, said: "During the property boom of recent years, homes in need of repair typically attracted property developers with their eye on turning a profit."

He added: "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."

It seems that period homes with character are more popular than a new home, even if newer properties come fitted with the latest gadgets.

The trend is bucked by young people in their twenties, nearly 70 per cent of whom said they would opt for a newly built property.