Fixer uppers are currently the most in-demand homes
A new study of over 600,000 available properties reveals that homes in need of renovation are the most in demand among buyers.
According to property portal Rightmove, these are now eight per cent or £29,000, cheaper than the average property up for sale.
However, those looking for a newly refurbished home are paying a premium of 19 per cent, or almost £70,000 – and the research reveals that “refurbished” is also making the top 10 of most in-demand features for buyers, at number seven in the list.
After renovation projects, homes with new boilers, double glazing, loft conversions and storage space attract the most attention, while chain-free properties and those with a garden and near stations all make the top 10.
The study from Rightmove reveals the home features driving the most enquiries from home-movers to agents.
It analyses what matters most to buyers at the stage when they are seriously considering viewing a property by sending an enquiry to an estate or letting agent.
Fixer-upper homes are likely to be topping the list because of different groups of buyers competing for this type of home.
These include first-time buyers looking for a cheaper property to get on the ladder
– something they can refurbish over time as they save up enough money.
Homeowners eager to work with architects to create their dream home by renovating and possibly remodelling or extending and investors looking to grab a relative bargain and do it up to sell on or rent out are also competing.
The average asking price of a fixer-upper home is £336,979, which is eight per cent (£29,302) lower than the current national average asking price of £366,281 for all types of home.
Buyers looking for a home that is already refurbished are paying an average of 19 per cent more than the national average asking price, at £435,874 (+£69,593).
The other most popular buyer features reveal the importance of there being enough storage space and a garden, the desire for a property to be chain-free, and basic energy-efficient features such as double glazing and a new boiler.
Being near a station is also still a priority, in at number 10, despite the rise of working from home for many.
Tim Bannister, Rightmove’s property expert, said: “This new study could help sellers when they’re thinking about the different features to highlight on their property listing.
“It may not seem important to mention that a property has storage space or a new boiler, but our study shows this could make a difference when prospective buyers are deciding which homes to go and view.
“It also shows the different priorities that home-movers have – some are in a more fortunate position to be able to consider buying a newly refurbished home, while others want to put their own stamp on a home and do it up from scratch.
“Or they may realise that if they buy now they can spend time doing up the house a room at a time.”