Fixer-upper buys: homes with renovation potential for sale in London — all under £500,000
Buying a fixer-upper home can be one of the best ways to secure a good deal on a property, one that should pay-off after a bit — or a lot — of TLC.
Even with last year's stamp duty changes, struggling first-time buyers are still finding it difficult to get onto the ladder.
So it's no surprise that have-a-go buyers are snapping up project homes and adding the all-important finishing touches themselves, building equity and standing them in good stead for when the time comes to trade up.
"With prices in central London down from the peak of 2014, and less competition from developers, buyers are more inclined to purchase a tired or unmodernised property that they can refurbish if it offers the best value,” says James Davidson, Associate Director of John D Wood & Co. in Kensington.
The east London borough of Barking and Dagenham is still the best bet for the capital's first-time buyers, with average prices of £312,000.
In the same borough a three-bedroom home is for sale for just under £300,000. In need of some modernisation, it would be ideal for a buyer looking for a DIY challenge. It's a short walk from Barking's town centre, the district line and direct trains to the City, too.
In Lewisham and Greenwich, the last of the inner London boroughs with sub-£500,000 average house prices, three-bedroom and two-bedroom terrace houses are for sale.
Or in Kensington and Chelsea, the capital's most expensive borough, this studio flat is for sale for £499,000. Although it spans just 31sqm and is in need of an update, it falls well below the average square metre cost of £19,500 for the area.
"In the age of Grand Designs, Sarah Beeny and Kirsty Allsopp, we are seeing that now almost everyone looking for a property is looking for a ‘project’ of their own," says Ian Kitson, Director of Cheffins Auctioneers.
So whether it's a prime city pad in need of a lick of paint, or a terrace house crying out for total modernisation, there are project homes for sale to suit every type of buyer and budget.
Take a tour of our pick of renovation projects for sale in the gallery above...