Unmodernised properties, as defined by YOPA, include outdated kitchens, bathrooms, and decor. According to their study of property portals, there are currently 41,951 unmodernised properties available in the UK, listed at an average asking price of £313,835. This reflects a savings of 6.2%, amounting to £20,632, compared to the average price of modernised equivalents, which is £334,467.
The South East emerges as the prime fixer-upper location in Britain, boasting 7,321 properties, constituting 17% of the nation’s unmodernised homes on the market. The South West follows with 6,336 unmodernised homes, making up 15%, while the North West accounts for 11%, featuring 4,802 properties.
Despite these potential savings, YOPA notes a significant increase in the cost of construction materials in recent years. Official inflation figures indicate a 17.5% rise in the price of doors and windows in the past year, a 16.8% increase in ready-mixed concrete costs, and a 14.5% increase in the price of metal screws and similar items.
CEO Verona Frankish had the following to say about the YOPA study: “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.”
Find Out More: Explore the property market with some of our handy insights, such as our guides on how to get into property investment and buy-to-let in Liverpool.
