Renters are increasingly turning to ‘fixer-uppers’ – Rightmove

Renters are increasingly turning to ‘fixer-uppers’ – Rightmove

0:01 AM, 13th November 2024, About 5 hours ago

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Renters across the UK are increasingly turning to fixer-upper properties as a more affordable route to homeownership, according to a survey from Rightmove.

The property platform questioned more than 34,000 home movers and found that 68% of renters are eager to take on renovation projects, compared to 54% of homeowners.

This trend is driven by the significant price difference between fixer-uppers and properties not needing renovation.

On average, fixer-upper homes are 12% cheaper – or £44,634 – than the average property for sale.

Rightmove says the average asking price for a fixer-upper is £327,224, while the average for non-renovation properties is £371,858.

‘Tackling a renovation project’

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.”

The rising cost of renting is a big factor driving this trend.

Rentals have increased by 61% over the past decade, with the average advertised rent outside of London now at £1,344 per month, up from £832 in 2014.

Tenants are interested in fixer-uppers

Potential buyers in the South East, West Midlands and London are particularly interested in fixer-uppers, probably due to higher property prices in these regions.

For renters, the potential savings from buying a fixer-upper can be substantial, especially in areas with high property prices.

Also, renovating a home can offer the satisfaction of creating a personalised space and the potential for future cost savings through improved energy efficiency.

Rightmove has introduced a renovation calculator to help people assess the potential value-add of renovation projects.


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