A new consumer survey of over 34,000 home-movers conducted by Rightmove reveals a big preference amongst renters for fixer-uppers.
Some 68% of tenants see fixer-uppers as a more affordable route to property ownership, with an average 12% discount on these homes.
The biggest motivator for renters wanting to purchase a fixer-upper is the opportunity to buy at a lower price (73%). The average asking price of a fixer-upper home is £327,224, which is 12% (£44,634) lower than the current national average asking price of £371,858 for all types of home.
The portal says rents have risen 61% over the past decade, intensifying the financial pressures on renters and likely driving many to consider more affordable fixer-upper properties as a pathway to ownership.
Rightmove calculates that this £44,634 typical discount compared to average property prices could be a significant advantage, especially in highest areas like the south east.
Improving energy efficiency to reduce energy bills (57%) is an important motivator to renters and home-owners who are interested in buying a fixer-upper to make future cost savings from living in a sustainable home.
The average energy bill for a three-bedroom semi-detached house with an EPC rating of F stands at £4,323 per year, compared with £1,657 for the same house with an EPC rating of C – a difference of £2,666.
Potential buyers in the South East, West Midlands, and London are the most open to purchasing a fixer-upper property, with affordability likely driving this trend in regions where property prices tend to be higher.
Tim Bannister, Rightmove’s property expert, says: “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.”
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Renter motivators to purchase a fixer-upper
| Motivators | % of renters |
| Buying a property for a lower price | 73% |
| Creating the perfect home | 70% |
| Improving energy efficiency to reduce future bills | 57% |
| Adding value to a property | 47% |
| Learning new skills | 28% |
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Home-owner motivators to purchase a fixer-upper
| Motivators | % of home-owners |
| Creating the perfect home | 73% |
| Buying a property for a lower price | 68% |
| Adding value to a property | 64% |
| Improving energy efficiency to reduce future bills | 57% |
| Preserving a historic or unique property | 25% |
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Retrofit hotspots: areas with the most fixer-upper properties for sale
| Area | Region | % of listings as fixer-uppers currently for sale |
| Ceredigion | Wales | 4.2% |
| Lincoln | East Midlands | 3.7% |
| Carmarthenshire | Wales | 3.0% |
| Denbighshire | Wales | 3.0% |
| Gloucester | South West | 2.7% |
| Hastings | South East | 2.7% |
| Slough | South East | 2.6% |
| Bridgend | Wales | 2.6% |
| Luton | East of England | 2.6% |
| Merthyr Tydfil | Wales | 2.5% |
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