In 2018, Jess and Rick Sowerby began their search for a first home but struggled to find one that met their needs after visiting over 30 properties. After feeling discouraged, they decided to consider a renovation project instead of a move-in-ready home. They purchased a 1930s semi-detached house in Rochdale, Greater Manchester, for £155,000 in February 2019. The decision to select a fixer-upper was influenced by the significant cost difference; renovation projects were approximately £90,000 less than turnkey homes.
The Sowerbys found their house in poor condition, being empty for six months, and they initiated renovations that included a complete rewire, addressing damp issues, and refurbishing the interior. They invested about £50,000 in renovations over 15 months and documented their journey on social media. In August of that year, their home was valued at £350,000.
The rise in house prices has led many first-time buyers to consider renovation projects as a feasible entry into the housing market. According to Hamptons, the average first-time buyer home price increased from £156,453 in 2015 to £229,094 in August of this year. Only about 7% of properties listed on Zoopla are classified as fixer-uppers, suggesting limited choices in the market.
Experts highlight several key factors for potential buyers to consider, such as local amenities, structural integrity, and the condition of essential attributes like roofs and electrics. A structural survey is often recommended for properties requiring significant work. Budgeting for unexpected expenses is crucial, with an additional 15-20% suggested for contingencies.
Various financial aids, such as government grants and green mortgages, may also be available to assist buyers with renovation costs. Buyers should keep in mind that living off-site during renovations can lead to additional expenses, as seen in the Sowerbys’ case.
Source: https://www.theguardian.com/money/2025/nov/01/fixer-upper-house-buying-renovating-property-value