Fixer-Uppers only 6% cheaper than ready-to-occupy hom...

An estate agency claims its research shows that fixer-uppers sell at only 6.2 per cent less than comparable ready-to-occupy properties.

YOPA analysed the price difference between unmodernised properties and similar, comparable properties in the same area that do not need modernisation.

It’s defined unmodernised properties as those with outdated kitchens, bathrooms and decor.

Using an analysis of property portals it says that currently there are some 41,951 unmodernised properties on the market across Britain at the average asking price of £313,835. This is a saving of 6.2 per cent, or £20,632, compared to the average price for modernised equivalents (£334,467).

The South East is Britain’s fixer-upper hotspot with 7,321 properties, some 17 per cent of the nation’s unmodernised homes currently listed for sale. With 6,336 unmodernised homes, the South West accounts for 15 per cent with the North West accounting for 11 per cent with 4,802.

But YOPA says the cost of construction materials has increased significantly over recent years. Official inflation figures show the price of doors and windows has increased by 17.5 per cent in the past year, for example, while ready-mixed concrete has increased by 16.8 per cent, and the price of metal screws and the like has increased by 14.5 per cent.

A spokesperson for the agency says: “Buying a fixer-upper is a great way of saving money on the initial property purchase, but is also in many ways a lifestyle commitment - are you prepared to spend all of that time renovating the home before you can properly enjoy it? If you are, fixer-uppers present a blank canvas from which you can create your ideal home while also adding great value to the property. But with the price of many building materials now significantly higher than they were just a year ago, this work will cost more than it used to.”