Harrogate revealed as a UK renovation hotspot
The Harrogate District is one the UK’s renovation hotspots, according to new research by property portal Zoopla.
Our borough came fifth in the top 10 list, which ranked areas by the percentage of properties that had recently been renovated.
In Harrogate, one in eight properties (12.2 per cent) fell into this category, with the average property price now standing at £294,000.
In Rhondda Cynon Taf in South Wales the figure was one in five (19.9 per cent), giving it the top spot in the ranking. The others were: the Derbyshire Dales (16.1 per cent), Ceredigion (13.6 per cent), and Hyndburn District, near Blackburn (12.4 per cent).
Of these, only the Derbyshire Dales had a higher average property price than Harrogate, at £301,000. In Hyndburn, the average price is just £102,000.
Zoopla said nearly one in five homeowners (18 per cent) who are currently looking to sell their property have been renovating it.
On average, homeowners in the UK spend over £20,500 renovating their property – nearly 10 per cent of the average UK property price – but one in 10 (10 per cent) overspend by more than £10,000.
Nearly two in 10 homeowners (17 per cent) have renovated their home in order to add value to it, and those looking to do likewise may do well to look where there are the most homes in need of renovation.
These areas are overwhelmingly in Scotland, which takes four of the top fives sports in this ranking: Sterling (21.8 per cent), Liverpool (19.2 per cent), Falkirk (15.8 per cent), Glasgow (15.4 per cent), Argyll & Bute (15 per cent) – all of which have an average property price of less than £175,000.
Tom Parker, consumer spokesman at Zoopla, said: “Some of the locations which have the most homes in need of a renovation are great value in comparison to the average UK property price. If you’re looking to renovate, either to sell or to move, there’s a decent chance you’ll make a good profit.
“If getting your hands dirty with a doer-upper property isn’t for you and you want something you can move straight into with little to no DIY needed, Wales has plenty of perfect homes to offer. Even better, 20 per cent of properties in Rhondda Cynon Taf in Wales cost £115,000 on average making them much cheaper than the average property in the country.”