Renovation Costs Rise, New Funding Emerges

The cost of renovating the UK’s vacant property stock has skyrocketed to a whopping £34 billion, marking a 19% increase from last year.

But fear not, BuildLoan is here to save the day with a shiny new funding option for those once deemed “unmortgageable” renovation projects.

With around 360,000 long-term vacant properties in the UK, up 15% since 2025, there’s a treasure trove of potential just waiting to be unlocked. The average renovation cost stands at £70,000, but for those long-term vacant gems, it can soar to £95,000. Yikes!

Traditionally, buyers had to rely on bridging loans for these fixer-uppers, but BuildLoan’s latest offering bridges the gap between residential mortgages and heavy renovation finance. With a range of seven renovation products, funded by the likes of Chorley Building Society and Stafford for Intermediaries, there’s now a lifeline for those lighter, non-structural works.

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Chris Martin from BuildLoan highlights the untapped potential of these vacant properties in solving the housing crisis. With new mortgage options for properties once deemed uninhabitable, there’s hope on the horizon. After all, a house without a working kitchen, bathroom, or running water might have been a no-go for lenders in the past, but not anymore!

So, while the cost of renovations may be on the rise, the opportunity to turn these vacant spaces into vibrant homes is more accessible than ever. Let’s roll up our sleeves and tackle the housing crisis, one renovation at a time!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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