A consumer survey carried out by Rightmove of over 34,000 homemovers found that this applied to 69% of renters and 54% of homeowners.
Homes that need renovation tend to be cheaper, with an average 12% discount, the firm said. The average price of a fixer-upper home is £327,224, 12% or £44,634 lower than the current national average asking price of £371,858.
This is the main motivation for renters wanting to buy such a home, with 73% saying this, while a similar 73% of homeowners wanted a fixer-upper so they could create the “perfect home”.
Some 57% of renters said they wanted a home that needed renovating so they could improve its energy efficiency, while 47% desired to add value to the property.
A further 28% felt buying a fixer-upper would help them learn new skills.
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A smaller proportion of homeowners (68%) wanted a fixer-upper to buy a property for a cheaper price, while 64% wanted to add value.
Some 57% of homeowners wanted to improve energy efficiency, while a quarter wished to preserve an historic or unique property.
Rightmove’s Energy Bills Tracker showed that the average bill for a three-bed semi-detached home with an Energy Performance Certificate (EPC) rating of F was £4,323 per year, compared to an equivalent C-rated home, which would be £1,657.
Tim Bannister, property expert at Rightmove, said: “Tackling a renovation project could be a more affordable way to get on the ladder and to make a space your own.
“While they do require time and planning, many find the process worthwhile, as it can offer both financial benefits and the satisfaction of creating a home that truly fits their needs.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Renters look for fixer-uppers as route to homeownership – Rightmove
