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.
READ MORE: Apple AirTags slashed to £94 for a four-pack on Amazon
READ MORE: New food festival with vintage roller disco and dancing reindeer coming to Wales
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."