Buying a fixer-upper home can be a savvy way for first-time buyers to secure a good deal, especially as stamp duty changes and high prices continue to challenge those trying to get onto the property ladder. With less competition from developers in central London, renovation projects are becoming increasingly popular.
James Davidson, Associate Director of John D Wood & Co. in Kensington, notes that buyers are more inclined to purchase tired or unmodernised properties that offer the best value. This trend is evident across the capital, from the more affordable boroughs to prime locations.
In the east London borough of Barking and Dagenham, average house prices stand at £312,000, making it a strong option for first-time buyers. A three-bedroom home, in need of modernisation and walking distance to Barking town centre and transport links, is available for under £300,000.
Further south, Lewisham and Greenwich are among the last inner London boroughs with average house prices below £500,000, offering three-bedroom and two-bedroom terrace houses for renovation. Meanwhile, in Kensington and Chelsea, a 31sqm studio flat is on the market for £499,000, well below the area's average cost of £19,500 per square metre, providing a rare opportunity for a project in a prime location.
Ian Kitson, Director of Cheffins Auctioneers, observes that the popularity of shows like Grand Designs has made everyone look for their own project. Whether it's a prime city pad needing a fresh coat of paint or a terrace house requiring total modernisation, there are fixer-upper homes to suit every budget.
