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Rightmove Data Shows 'Fixer-Uppers' Are In Most Demand

Home improvement extension building work shutterstock_570104224
  • A new study of over 600,000 available properties on Rightmove reveals that homes in need of renovation are the most in demand among buyers, and are 8%, or £29,000, cheaper than the average property up for sale
  • On the flip side, those looking for a newly refurbished home are paying a premium of 19%, or almost £70,000, with ‘refurbished’ also making the top ten 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 homes and those with a garden and near stations all make the top ten
  • For renters, double glazing, smart technology, and being near a station are the top three features that attract the most demand

A new study by the UK’s biggest property website Rightmove reveals the home features that are driving the most enquiries from home-movers to agents, with fixer upper homes coming out in the number one spot for buyers.

The unique study analyses what matters most to buyers and renters at the stage when they are seriously considering viewing a property by sending an enquiry to an estate or letting agent.

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

What buyers are looking for

Fixer upper homes or those that say they are in need of refurbishment topping the list is likely because of two groups of buyers competing for this type of home: first-time buyers looking for a cheaper property to get on the ladder that they can refurbish over time as they save up enough money, and investors looking to grab a relative bargain and do it up to sell on or rent out.

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.

Buyers looking for a home that is already refurbished, which also makes the top ten 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 ten, despite the rise of working from home for many.

What renters are looking for

As renters aren’t able to make significant changes to the property, they are looking to ensure it has double glazing, smart technology such as a smart heating system, a new boiler, and is more energy efficient try and keep down their energy bills.

Being near a station ranks higher for renters than for buyers, as well as home features which add storage space such as a basement, attic or shed.

A parking space is also a priority for many renters, and properties which are open plan also make the top ten list.

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.”

Most in demand features for buyers and renters

BuyersRenters
Renovation project (incl. fixer upper, in need of refurb etc)Double glazing
New boilerSmart technology, such as a smart heating system
Loft conversionNear station
Storage spaceParking space
CellarBasement
Double glazingNew boiler
RefurbishedShed
Chain freeAttic
GardenEnergy efficient
Near stationOpen plan

Source : Rightmove

Image : shutterstock.com / 570104224

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02 October 2023

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