Home buyers have the potential to save more than £40,000 by choosing to invest in a ‘fixer-upper’ property, a recent analysis shows. According to Wales Online, the average asking price for a fixer-upper stands at £327,224, which is significantly lower than the typical £371,858 price tag for homes across Britain. This data, provided by Rightmove, suggests that renters, in particular, may find it worthwhile to consider more affordable properties in need of refurbishment as a stepping stone towards homeownership.
With rental prices soaring by 61% over the last decade, many renters are exploring options that could lead them towards owning a property. Rightmove conducted consumer research among over 34,000 potential home movers in October. The results revealed that a significant 68% of renters would be open to taking on fixer-uppers to facilitate their home-buying journey, compared to just over half (54%) of existing homeowners. The findings also indicated that Wales is a hotspot for fixer-upper properties, with 4.2% of homes listed in Ceredigion, 3.0% in Carmarthenshire and Denbighshire, 2.6% in Bridgend, and 2.5% in Merthyr Tydfil requiring renovations.
Further analysis identified Lincoln in the East Midlands as another noteworthy hotspot, with 3.7% of properties listed for sale classified as renovation projects. Additionally, locations like Gloucester, Hastings, Slough, and Luton were pinpointed as prime spots to find homes in need of a makeover. Rightmove utilised various terms in property listings such as “renovation required”, “in need of upgrades”, or “dilapidated” to categorise fixer-upper properties. Tim Bannister, Rightmove’s property expert, highlighted that taking on a renovation project could offer a more cost-effective way to enter the housing market and personalise living spaces to suit individual needs and tastes.
While acknowledging that renovation projects demand time and planning, Bannister emphasised that the process can be rewarding, providing both financial benefits and the satisfaction of creating a home that perfectly aligns with one’s requirements. The trend towards purchasing fixer-uppers is seen as a practical approach amidst soaring property prices, especially for renters aiming to transition into homeownership. By choosing properties in need of refurbishment, potential buyers can utilise their resources more effectively and create a home that reflects their personal vision and style. The shift towards fixer-upper properties reflects a growing trend among prospective homebuyers seeking affordability and customisation in the competitive housing market.