Homes in Slough are three times more likely to benefit from modernising to add property value than anywhere else in Britain.
According to research from Zoopla, Slough in Berkshire is a hotspot for renovation with 3.32% of properties for sale in the town can be modernised to increasing their values.
For first time buyers or home movers looking for a fixer-upper property, the next best is Plymouth in Devon with 2.55% of home requiring work, with Redruth in Cornwall with 2.54%.
Regionally Scotland has the largest number of properties that could benefit from renovation at 1.49% and East Midlands the least with 0.57% followed by London on 0.62%.
According to Property expert Phil Spencer, you can add value to your home by converting the loft to a room, adding a conservatory, convert a garage for living space, or fit a new kitchen and bathroom.
Towns with homes requiring work
If your budget is limited one way buying a home is to find a property that needs modernising and adding value for all your hard work.
The following table from Zoopla shows the top ten towns with the highest percentage that require renovation work and average property values.
| Town | Property Value | Requiring work |
|---|---|---|
| Slough | £394,142 | 3.32% |
| Plymouth | £209,155 | 2.55% |
| Redruth | £207,323 | 2.54% |
| Greenock | £144,060 | 2.46% |
| Camberley | £144,060 | 2.46% |
| Bristol | £330,365 | 1.75% |
| Salford | £169,052 | 1.73% |
| Ilford | £421,669 | 1.71% |
| Penrith | £255,166 | 1.69% |
| Reading | £434,095 | 1.67% |
The best areas to find these homes would be Slough with 3.32% in need of work and average property values of £394,142.
If your budget is limited, Plymouth in Devon have 2.55% homes that require modernising and average property values of only £309,155.
First time buyers could consider a renovation project in a cheaper locations requiring a smaller deposit and use surplus cash to make the improvements which can add value to the property.
If you live in one of these towns, as a remortgage buyer you have the opportunity to release capital which can use to improve their home such as new kitchen, bathroom and extension.
For buy-to-let landlords purchasing a property that needs modernising could increase the value of their investment while offering higher rental incomes to cover mortgage interest payments.
Top renovating boroughs in London
In London, the east of the capital has the top hotspots for renovation says Zoopla, where 1.52% of properties can be refurbished in Redbridge with average house prices of £464,373.
The following table from Zoopla shows the top ten boroughs in London with the percentage needing work and average property values.
| Town | Property Value | Requiring work |
|---|---|---|
| Redbridge | £464,373 | 1.52% |
| Newham | £381,058 | 1.25% |
| Lewisham | £475,193 | 1.04% |
| Havering | £389,326 | 0.96% |
| Enfield | £471,600 | 0.87% |
| Bexley | £367,328 | 0.86% |
| Hounslow | £554,450 | 0.82% |
| Haringey | £655,299 | 0.81% |
| Barking & Dagenham | £297,571 | 0.79% |
| Barnet | £652,874 | 0.76% |
Newham is second where 1.25% need modernising with average house prices of £381,058 followed by Lewisham where 1.04% of homes can be improved.
For the lowest prices in the top ten, look at Barking & Dagenham where homes average £297,571 and you can find 0.79% that need renovating.
Lawrence Hall spokesperson for Zoopla said, it’s worth bearing these locations in mind if you’re considering moving to a new area and don’t mind putting some work into a property to turn it into your dream home.
Higher house prices in London allows the older equity release mortgage buyer to stay in their home, accessing property wealth to improve quality of life or even help your children start or expand a business.
What are your next steps?
Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.
Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage monthly cost calculators, equity release calculator and property value tracker chart.
For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to consolidate debt or help maintain your standard of living as costs rise.
