Wolverhampton has been identified as the best place to start a renovation project in the UK, according to a new study conducted by flooring specialists Mr Sander.
The study has used data sourced from GOV.UK, Rightmove and Checkatrade. The analysis is based on four key factors: median house price, planning approval rate, tradesperson reviews and the percentage of homes deemed to have renovation potential.
A statement said that an increasing number of individuals are opting to purchase properties in need of renovation, aiming to save costs and infuse their distinct style into their new homes. This study seeks to pinpoint the regions where this trend is most feasible, it cited.
Wolverhampton has emerged as the UK’s top renovation hotspot, boasting a median house price below the national average at £193,707, a planning approval rating of 93.7%, 42% of homes with renovation potential, and a tradesperson score of 9.90.
In second place was Sandwell, another West Midlands area, where the median house price is £199,977, the planning approval rate is 92.9% and a percentage of 43.7% houses that hold potential.
County Durham ranked third with an overall score of 75.35. The median house price is £127,727, with a high planning approval rate of 95.8% and 22% of homes showing renovation potential.
Burnley claimed fourth place with a score of 74.16. The median house price is £103,386- significantly below the national average- with a planning approval rate of 87.9% and 27.9% of homes presenting renovation potential.
Taking fifth place was Gateshead, with a median house price of £160,990, a high planning approval rate of 94.2%, 24.3% of homes with renovation potential, and an impressive tradesperson score of 9.91.
Kensington and Chelsea ranked lowest with a median house price of £1,154,639, a planning approval rate of 85.6%, 3.8% of homes with renovation potential, and a tradesperson score of 9.90, resulting in an overall score of 29.71.
Islington preceded this ranking as the second lowest. The median house price here is £645,134, accompanied by a planning approval rate of 80.3% and 4.7% of homes with renovation potential.
Ranking third from the bottom was Hackney, with a median house price of £589,517, a planning approval rate of 79.2%, approximately 4.8% of homes showing renovation potential, and an impressive tradesperson score of 9.90- an overall score of 33.26.
Another London area, The City of Westminster, ranked fourth lowest in the ranking. The median house price here is £927,909, with a planning approval rate of 87.8% and 2.9% of homes holding renovation potential.
Lambeth held the fifth lowest position in the ranking, with a median house price of £501,094, a planning approval rate of 72.4%, and 8.4% of homes for sale showing renovation potential.
Anthony Miller, CEO of Mr Sander, said: “This latest study reveals the prime locations in the UK ideal for initiating renovation projects highlighting the regions with significant renovation potential and shedding light on the key factors that inform successful property transformations.”