The Fixer-Upper is in High Fashion

Trends come and go but right now, you can’t move for a particular property fashion: a fascination with ‘fixer uppers’. Zoopla has been pushing its ‘fixer upper’ filter on Instagram and its news channel, explaining how buyers can narrow down their search results to only show homes that are in need of some TLC.

The Guardian also devoted an entire feature to the cause, with ‘homes for sale for doer-uppers’ acknowledging our current desire for dilapidations, renovations and thorough refurbishments.

Willing to put in the work

Two further articles illustrate how widespread our appetite for fixer-uppers has become. At the very foot of the property ladder are first-time buyers, who see the fixer upper as the best path to homeownership.

This line of thinking was discovered by Rightmove, when it surveyed more than 34,000 home movers. The portal found 68% of renters consider fixer-uppers as a more affordable route to homeownership. The appeal among property novices is threefold: 73% wanted to create the perfect home, 57% wanted to use a fixer upper to create an eco-efficient, sustainable dwelling, while 73% wanted the opportunity to buy at a lower price.

On the last point, Rightmove’s survey discovered the average asking price of a fixer-upper home is £327,224 - 12% less than the current national average asking price for all house types.

The appeal of the property wreck extends to the more exclusive end of the market, as revealed by The Times. Renovating a posh pad to its former glory was described as a ‘status symbol’ and ‘the millennial dream’. The badges of honour? A gaggle of builders turning up in white vans, the absence of a kitchen sink and a permanent film of brick dust blanketing every surface.

4 reasons to choose a fixer upper

1. Pay less for more: as Rightmove’s statistics show, fixer uppers can be bought for an attractive discount.
2. Reduce your stamp duty bill: a cheaper purchase price means a cheaper stamp duty bill but watch out for the thresholds – they change on 1^st April 2025.
3. Customise with less hassle: buying a fixer-upper usually means you’ll spend less time and money ripping out someone else’s taste in fixtures and fittings.
4. Add value: with careful budgeting, it is possible to add value to your property and create the opportunity to sell on for a profit. For example, Zoopla says creating an extra bedroom and bathroom will add an estimated 20% to the value of a house.

Watch out for mortgage constraints

How dilapidated dare you go? This may be dictated by your mortgage lender. Some banks and building societies are reluctant to lend on homes they deem uninhabitable or unfinished.

Aspects that could qualify a property as uninhabitable or unfinished include:

• Fire damage or vandalization
• Absence of central heating
• Lack of a kitchen or bathroom
• Problems with hot and cold running water
• Presence of harmful substances, such as asbestos and mould
• Issues with toilets and/or drainage
• Non-standard or badly damaged roof
• A severe infestation of running bamboo or Japanese knotweed
• Water and wind ingress from disrepair

Other constraints to consider:

• Planning permission: the most desirable fixer uppers already have planning permission granted for improvement works but if permission is not in place, it’s worth talking to the local planning department to establish what might (or might not) be possible.

• Pre-plan your budget: speak with a financial adviser regarding the best way to finance a refurbishment project. Your mortgage may not cover all the funds you need, so dipping into savings, using a credit card or taking out a personal loan may be considerations.

• Obtain real-time estimates: the cost of renovating a property has become more expensive in the last two years. Labour and materials may have risen in value since the last time you contacted a trade, so current estimates are essential.

• Check if the timings align: the best trades will be booked up into the future, so don’t assume any work will be prompt. Factor in the availability of professionals and establish if you can live in the property while you wait.

• Living conditions: seriously consider if you could live amidst major renovation work. It may be cold, dusty and very disruptive. If you’re thinking of living offsite, factor in the cost of renting an alternative property or the hassle of living with family.

White & Brooks has a variety of properties for sale on its books, from pristine, newly renovated properties and homes that just need decorating, through to houses that require modernisation and full fixer-upper projects. Contact us for our current availability list.