Hotspots shown where you can save over £40,000 buying a fixer-upper property

The average price of a fixer-upper home is £44,634 less than the typical price tag for a home in Britain - and there are certain areas where they are more common

Home buyers looking for a bargain might save over £40,000 by opting for a "fixer-upper" property, Rightmove's research suggests.

The average asking price of these homes needing some is £327,224, a substantial £44,634 less than the going rate of £371,858 in Britain. Over the past ten years, rental prices have skyrocketed by 61%, steering potential homeowners towards affordable fixer-uppers as their ticket to the housing ladder.

A recent survey by Rightmove, involving over 34,000 would-be movers in October, indicated that while 68% of renters are willing to buy a project home, only 54% of current homeowners share that sentiment. Wales is proving to be a renovation goldmine, with Ceredigion boasting 4.2% of listed properties ready for refurbishment; Carmarthenshire and Denbighshire aren't far behind with 3.0%, followed by Bridgend at 2.6% and Merthyr Tydfil at 2.5%. Lincoln, located in the East Midlands, also ranks high as a prime location for renovators with 3.7% of its homes on the market being ideal for makeovers.

Other top spots for houses in need of work include Gloucester, Hastings, Slough, and Luton. Rightmove utilises terms such as "renovation required,", "in need of upgrades", or "dilapidated" in property listings to identify these fixer-upper homes.

Tim Bannister, the property expert at Rightmove, commented: "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."