First-time buyers and investors flock to fixer-uppers – Rightmove

Homes that can be described as fixer-uppers have become the most in-demand properties, according to Rightmove.

The portal has analysed the home features that are driving the most enquiries from home-movers to agents.

It created the demand rankings by analysing hundreds of different features mentioned by estate and letting agents in more than 600,000 property descriptions and the subsequent enquiries that were being sent to them.

Fixer-upper homes or those that say they are in need of refurbishment topped the list, which Rightmove attributed to both first-time buyers looking for a cheaper property to get on the ladder that they can refurbish over time and investors looking to grab a relative bargain.

The average asking price of a fixer-upper home is £336,979, which is 8% (£29,302) lower than the current national average asking price of £366,281 for all types of home, the portal said.

Buyers looking for a home that is already refurbished, which also makes the top 10 list in position seven, are paying an average of 19% 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 and landlords 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 and renters 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.”

Kindly shared by Estate Agent Today