Homebuyers could save £44,000 by buying 'fixer-upper' property - see where is best

Potential home buyers could save upwards of £40,000 by opting for a "fixer-upper" property, Rightmove's analysis suggests.

The average asking price for such properties stands at £327,224, which is significantly lower by £44,634 than the typical £371,858 price tag for homes across Britain.

With rental prices having soared by 61% over the last 10 years, Rightmove posits that renters might look towards more budget-friendly fixer-uppers as a viable route to homeownership. In consumer research conducted by Rightmove in October, involving over 34,000 prospective home movers, it emerged that a substantial 68% of renters would consider a fixer-upper to facilitate their purchase, in contrast to just over half (54%) of current homeowners who would do the same.

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The study identifies Wales as a prime location for renovation-ready homes, with Ceredigion leading the pack where 4.2% of listed properties require refurbishment, followed by Carmarthenshire and Denbighshire each with 3.0%, Bridgend at 2.6%, and Merthyr Tydfil at 2.5%. Lincoln, located in the East Midlands, also ranks high with 3.7% of its properties on the market being potential renovation projects.

Other notable areas include Gloucester, Hastings, Slough, and Luton, all pinpointed as ideal spots for finding homes that need some TLC. To identify fixer-upper homes, Rightmove analysed listings featuring terms like "renovation required," "in need of upgrades" or "dilapidated".

Tim Bannister, Rightmove’s property expert, commented: "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."