Yahoo Finance Revealed: The homes that are selling for up to £29,000 cheaper than average
Fixer-upper homes are now the most popular properties on the market among UK homebuyers, according to a new study by property site Rightmove.
Homes in need of renovation come in at £29,000 cheaper than the average property price, according to the study of 600,000 available properties.
Most first-time buyers look for homes in need of refurbishment as they are 8% cheaper than the average property up for sale, Rightmove said.
This also attracts investors that want to rent out homes or "flip" properties — this means to do them up and sell them on relatively quickly for a profit.
Turbulence in the UK housing market has seen property prices surge over the past year while mortgage rates have soared due to rising interest rates.
But the recent decision from the Bank of England (BoE) to pause interest rate hikes has seen mortgage rates start to fall. This has led to a renewed demand from first-time buyers looking for a cheaper property to get on the ladder.
Read more: UK's lowest mortgage rate deal falls below 5% after interest rate pause
The average asking price of a fixer upper home is £336,979, which is 8% lower than the current national average asking price of £366,281 for all types of home, according to Rightmove.
On the opposite spectrum, newly refurbished homes now cost almost £70,000 more than the national average asking price, at £435,874.
Refurbished homes ranked seventh on the top 10 most in-demand features for buyers.
Storage space, a garden, the desire for a property to be chain free, double glazing, a new boiler and being within close proximity of a train station were also desirable features.
For renters, double glazing, smart heating systems, a new boiler and being near a station are among the features they prioritise.
Tim Bannister, property expert at Rightmove, said that if some homeseekers “buy now they can spend time doing up the house a room at a time”.
Watch: Zoopla says number of UK property sales on track to fall to lowest level in a decade
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