Britain's property in need of improvement

The UK's housing stock is in need of £48 billion repair work, new figures reveal.

This is because close to one property in three does not meet basic standards for 'decent' accommodation, research from Halifax finds.

The bank's figures mean there are almost seven million homes in England in need of improvements, five million of which are private properties.

Additionally, one million of the 'non-decent' homes were further categorised as 'unfit'. That translates as homes which with flaws such as being structurally unstable; not having an adequate piped supply of clean water or ineffective drainage for foul, waste and surface water; or not having satisfactory facilities for cooking including a sink with hot and cold water

Halifax looked into the state of repair of a number of property essentials - including walls, roofs, windows, doors, chimneys, electrics and heating systems. The survey also examined whether the properties have modern facilities and provides a reasonable degree of heating and insulation.

"It is clear from the house condition survey results that there is a significant proportion of the private housing stock that is in a state of disrepair which creates a stark contrast with the picture of a nation of home improvers," noted Tim Crawford, Halifax economist.

"The majority of the homes that don't meet decency standards, are actually owner occupied, highlighting the importance of helping these homeowners find affordable ways to make the repairs and improvements necessary."

Halifax estimated that bringing the nation's properties into a state fit to live in would cost in the region of £48 billion.