Home buyers could typically save over £40,000 by purchasing a ‘fixer-upper’

Home buyers could typically save more than £40,000 by purchasing a “fixer-upper” property, according to analysis.

The average asking price of a fixer-upper home is £327,224, which is £44,634 less than the £371,858 typical price tag for a home in Britain, Rightmove said.

Rental prices have surged by 61% over the past decade, which could prompt renters to consider more affordable properties in need of refurbishment as a pathway to ownership, the website suggested.

Consumer research by Rightmove among more than 34,000 potential home movers in October showed that more than two-thirds (68%) of renters would take on fixer-uppers to help them buy a home, compared with just over half (54%) of existing homeowners.

Wales is a fixer-upper hotspot, the analysis found, with 4.2% of homes listed for sale in Ceredigion, 3.0% in Carmarthenshire and Denbighshire, 2.6% in Bridgend and 2.5% in Merthyr Tydfil needing renovations.

Lincoln in the East Midlands is another hotspot, with 3.7% of properties for sale being renovation projects, the research found.

Gloucester, Hastings, Slough and Luton were also listed as top locations to find homes in need of a makeover.

Rightmove looked at a range of terms in property listings to define fixer-upper properties, such as “renovation required,” or “in need of upgrades”, or “dilapidated”.

Tim Bannister, Rightmove’s property expert said: “Tackling a renovation project could be a more affordable way to get on the ladder and to make a space your own.

“While they do require time and planning, many find the process worthwhile, as it can offer both financial benefits and the satisfaction of creating a home that truly fits their needs.”

Published: 13/11/2024 by Radio NewsHub