Does buying a doer-upper make sense for investors? And is it even possible to get one these days?

New research shows that the average price for a fixer-upper is typically -12% below the wider average house price.

At the current average asking price of £368,019, this is equivalent to a discount of -£44,162 and gives an average fixer-upper price of £323,857. 

This is all according to self-employed property brokerage eXp UK.

However, the average cost of renovating a typical three-bed home comes in at £76,690.

As such, the initial saving made on purchasing a fixer-upper can quickly be negated by the level of spend required to turn it into a dream home. 

But the brokerage says buyers shouldn’t be entirely put off, though, because they’re still making a huge saving on the initial purchase, and the renovation costs can be spread out over time.

Furthermore, all improvements made to the property will add significantly to its value, reducing the overall cost when they come to remortgage and paving the way for a good profit if and when they come to sell.

The latest property listings data for Great Britain shows that fixer-uppers account for just 5.4% of the 377,898 homes currently available for sale across the nation. 

Regionally, Wales has the highest proportion of fixer-upper homes, with 8.2% of all listings requiring renovation.

The South West follows at 6.8%, with Yorkshire and the Humber (6.5%), the North West (5.7%), and the West Midlands (5.6%) also offering above-average availability. 

At the other end of the scale, London has the lowest number of fixer-upper homes, accounting for just 4% of total homes listed for sale.