Properties needing renovation ‘are hottest characteristic consumers seek for’

Home sellers advertising a “doer-upper” property could imagine they’ve a troublesome activity on their arms within the present unsure market – however based on a property web site a house requiring renovation is the highest characteristic that consumers are in search of proper now.

Excessive mortgage charges and uncertainty over home costs could imply that some home hunters are favouring properties that will want work however are additionally inexpensive than houses which might be totally “finished up”.

Sure drawbacks with properties requiring work may additionally open up extra room for consumers to barter on the asking value.

Rightmove created the demand rankings by a whole bunch of various options talked about by property and letting brokers in additional than 600,000 property descriptions. It measured the quantity of enquiries that have been being despatched to go and think about properties mentioning specific options. The evaluation was carried out in August 2023.

It discovered that, throughout Britain, houses marketed as requiring renovation are round £29,000 cheaper usually than the common property up on the market.

The typical asking value of a fixer-upper house is £336,979, which is 8% (£29,302) decrease than the common asking value of £366,281 for all sorts of house.

The web site stated fixer-uppers are notably in style with first-time consumers who can refurbish them as and once they have the cash, in addition to with property buyers in search of a discount to promote on or lease out.

After renovation initiatives, houses with new boilers, double glazing, loft conversions and cupboard space entice probably the most consideration, whereas chain-free houses and people with a backyard and close to stations all make the highest 10, Rightmove stated.

The web site additionally discovered that refurbished houses made the highest 10 most in-demand property options for consumers.

However these in search of a newly-refurbished house face paying a premium of practically £70,000.

Patrons in search of a house that’s already refurbished are paying a mean of 19% greater than the common asking value, at £435,874, Rightmove stated.

For renters, double glazing, sensible expertise and being close to a station have been discovered to be the highest three options that entice probably the most demand.

Properties that are energy-efficient and have new boilers have been additionally discovered to be engaging to renters, ideally serving to them to avoid wasting cash on payments.

Tim Bannister, Rightmove’s property knowledgeable stated: “This new examine might assist sellers and landlords once they’re enthusiastic about the completely different options to spotlight on their property itemizing.

“It could not appear essential to say {that a} property has cupboard space or a brand new boiler, however our examine exhibits this might make a distinction when potential consumers and renters are deciding which houses to go and think about.

“It additionally exhibits the completely different priorities that house movers have – some are in a extra lucky place to have the ability to take into account shopping for a newly refurbished house, whereas others wish to put their very own stamp on a house and do it up from scratch, or they could realise that in the event that they purchase now they’ll spend time doing up the home a room at a time.”

Listed here are the highest 10 most in-demand property options amongst house consumers, based on Rightmove:

1. Renovation venture

2. New boiler

3. Loft conversion

4. Cupboard space

5. Cellar

6. Double glazing

7. Refurbished

8. Chain-free

9. Backyard

10. Close to station

And listed below are the highest 10 most in-demand property options amongst renters, based on Rightmove:

1. Double glazing

2. Good expertise, akin to a wise heating system

3. Close to station

4. Parking house

5. Basement

6. New boiler

7. Shed

8. Attic

9. Vitality-efficient

10. Open plan