House prices: How to cut the asking price of a property by 50%

PROPERTY can be extremely expensive, especially when opting for a newly renovated modern home. Property experts have shared how homebuyers can cut the price they pay for a property by half by opting for this specific type of home.

PUBLISHED: 10:21, Fri, Sep 11, 2020 | UPDATED: 10:58, Fri, Sep 11, 2020

Property often comes at a premium when buying in a city which forces many to look elsewhere in order to be able to get the best for their money. The average house price in London is £653,965 according to Zoopla with terraced houses in the city selling for as much as £704,979. This means buyers wanting to live in cities may have to save up for several years in order to be able to. However there are certain ways you can live in a city by choosing homes that need a little work.

{%=o.title%}
READ MORE
UK house price forecast: When will UK house prices drop?

The latest research however from property experts Benham and Reeves has revealed that opting for a fixer-upper home project could save homebuyers thousands. 

In London, opting for a run down home could slash £343,000 off of the asking price. 

The research shows that unmodernised properties in East London’s borough of Havering currently sell for an average of £325,000.

However, the overall property price in the same area sells for £667,857 meaning homebuyers ready for a challenge can get themselves a bargain with a saving of £342,857. 

READ MORE: Winter cleaning: How to deep clean your home according to the Queen of Clean

House prices: How to cut the asking price of a property by 50%House prices: How to cut the asking price of a property by 50% (Image: Getty)

In London, opting for a run down home could slash £343,000 off of the asking priceIn London, opting for a run down home could slash £343,000 off of the asking price (Image: Getty)

One of London’s most sought after areas, Richmond will also see homebuyers make a huge saving of up to £127,081 when buying an unmodernised property. 

In Scotland, the average price for a flat last year was £151,891 according to the GOV website but renovation homes in the country often sell for as little as £28,000. 

Some parts of Wales can see renovation properties costing just £50,000 compared to the average price for a home being £191,094. 

This creates a saving of £141,094 which homebuyers could then spend renovating the home.

DON'T MISS:
Property prices: Cheapest area to buy home within distance to London [EXPLAINER]
The one thing sellers should do to boost value of home [TIPS]
House prices: The 10 cheapest places to buy a house in Manchester amid 'property boom' [LIST]

Related articles
Zoopla news: Best Buy-to-let hotspot - where to

read more.....

PREV Trump to replace Supreme Court successor to Ginsburg 'without delay' mogaznewsen
NEXT Adele weight loss: How singer slimmed down by 7st following simple diet plan