Landlords seizing value-for-money opportunities on 'fixer-uppers'

'Unmodernised' homes in the North West are over 12% cheaper than the regional average.

Related topics:  Finance,  Landlords,  Investment
Property | Reporter
13th June 2025
Fixer upper - 027
"Given the fact that the Decent Homes Standard is widely expected to soon be relaunched with tighter guidelines, many landlords are regardless going to have to start making wide-ranging improvements and upgrades to their properties"
- Marc von Grundherr - Benham and Reeves

Buy-to-let landlords are being presented with significant investment opportunities, as new analysis shows unmodernised homes are selling for up to 12.3% below regional averages.

Research by London estate and lettings agency Benham and Reeves reviewed the asking prices of 36,175 unmodernised properties currently listed across England. The findings reveal that these homes are priced, on average, 7.4% below the wider market, making them an attractive option for investors looking to add value and increase rental yields.

The average house price in England currently stands at £373,156, while the typical unmodernised property is listed at £345,504, a reduction of £27,651.

The scale of potential savings varies by region. In the North West, the average home costs £245,065, while an unmodernised equivalent is listed at £215,000 (a 12.3% discount, or £30,065 less). The North East follows closely with an 11.2% discount, where unmodernised homes are priced at £149,975 compared to the regional average of £168,970.

Other regional discounts include 9.1% in the West Midlands and 8.1% in the South East. In London, unmodernised homes are priced 7.4% lower than the citywide average, equating to approximately £59,000 in potential savings. Yorkshire & Humber (5.9%), the South West (5.8%), the East Midlands (5.7%), and the East of England (5.6%) also offer reductions exceeding 5%.

The highest concentration of these lower-cost opportunities can be found in the South West, where 5,982 unmodernised homes are listed, 16.5% of all such properties in England. The South East accounts for 15.6% of the total, followed by the East of England (13.4%), North West (12.6%), West Midlands (10.7%), East Midlands (10.4%), and Yorkshire & Humber (10.1%). In London, 9.1% of unmodernised listings are located, while the North East makes up 1.6%.

“Unmodernised properties can be snapped up at a significant discount compared to the wider market,” said Marc von Grundherr, director of Benham and Reeves. “Which makes them a cost-effective investment for landlords who are looking for accessible ways to start or scale a portfolio.”

He continued, “Given the fact that the Decent Homes Standard is widely expected to soon be relaunched with tighter guidelines, many landlords are regardless going to have to start making wide-ranging improvements and upgrades to their properties. That means this is an ideal time to take advantage of the discount unmodernised properties provide.”

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