In the quest for homeownership, two-thirds of renters are eyeing fixer-uppers as a savvy, cost-effective path to getting on the property ladder.
With an enticing average discount of 12% compared to the national average asking price, these homes are proving to be a popular choice among budget-conscious buyers.
A comprehensive survey by Rightmove, involving over 34,000 home-movers, revealed that the primary allure for renters is the opportunity to snag a property at a lower price, with 73% citing this as their main motivator. Homeowners, on the other hand, are drawn to the potential of crafting their dream home, with an equal percentage sharing this sentiment.
The numbers speak for themselves: the average asking price for a fixer-upper stands at £327,224, a cool £44,634 less than the national average of £371,858. This significant saving is not just appealing to the wallet but also offers a canvas for creativity and personalisation.
Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register
Beyond the financial perks, improving energy efficiency is a key driver for both renters and homeowners. A whopping 57% are motivated by the prospect of slashing future energy bills and living sustainably. This trend is particularly pronounced in the South East, West Midlands, and London, where high property prices make fixer-uppers an attractive alternative.
Tim Bannister, Rightmove’s property guru, highlights the dual benefits of this approach: “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.”
So, if you’re ready to roll up your sleeves and embrace a bit of DIY, a fixer-upper might just be your ticket to homeownership bliss!
Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register
Made with TRUST_AI - see the Charter: https://www.modelprop.co.uk/trust-ai
Comments