House sellers marketing a “doer-upper” property may believe they have a tough task on their hands in the current uncertain market – but according to a property website a home requiring renovation is the top feature that buyers are looking for right now.
High mortgage rates and uncertainty over house prices may mean that some house hunters are favouring properties that may need work but are also less expensive than homes that are fully “done up”.
Certain drawbacks with properties requiring work may also open up more room for buyers to negotiate on the asking price.
Rightmove created the demand rankings by looking at hundreds of different features mentioned by estate and letting agents in more than 600,000 property descriptions. It measured the volume of enquiries that were being sent to go and view properties mentioning particular features. The analysis was carried out in August 2023.
It found that, across Britain, homes marketed as requiring renovation are around £29,000 cheaper typically than the average property up for sale.
- Fixer-upper home, £336,979
- Average house price, £366,281
The average asking price of a fixer-upper home is £336,979, which is 8% (£29,302) lower than the average asking price of £366,281 for all types of home.
The website said fixer-uppers are particularly popular with first-time buyers who can refurbish them as and when they have the money, as well as with property investors looking for a bargain to sell on or rent out.
After renovation projects, homes with new boilers, double glazing, loft conversions and storage space attract the most attention, while chain-free homes and those with a garden and near stations all make the top 10, Rightmove said.
The website also found that refurbished homes made the top 10 most in-demand property features for buyers.
But those looking for a newly-refurbished home face paying a premium of nearly £70,000.
Buyers looking for a home that is already refurbished are paying an average of 19% more than the average asking price, at £435,874, Rightmove said.
For renters, double glazing, smart technology and being near a station were found to be the top three features that attract the most demand.
Homes which are energy-efficient and have new boilers were also found to be attractive to renters, ideally helping them to save some money on bills.
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.”
Here are the top 10 most in-demand property features among home buyers, according to Rightmove:
1. Renovation project
2. New boiler
3. Loft conversion
4. Storage space
6. Double glazing
10. Near station
And here are the top 10 most in-demand property features among renters, according to Rightmove:
1. Double glazing
2. Smart technology, such as a smart heating system
3. Near station
4. Parking space
6. New boiler
10. Open plan