“Project houses” — properties needing significant repair, refurbishment or redevelopment — are a key value-add category in the UK real estate market. These assets often trade below standard market value, leaving upside for those with capital, vision, and project management skills. In London especially, where land is scarce and new builds are costly, acquiring a project house can yield substantial equity gains post-renovation.
Fraser Bond advises developers, investors, and owner-occupiers across London and beyond on sourcing, underwriting, financing, and executing project-house acquisitions that deliver margin while managing risk.
Structural Repair Projects – properties needing roof, foundation, wall or damp repairs.
Full Refurbishment / Refit Projects – houses with intact structure but outdated services, finishes, or layouts.
Extension / Reconfiguration Projects – properties that can be expanded, split, or reworked under planning rights.
Partial Demolition & Rebuild – in some cases the structure is unsalvageable, and you rebuild on existing footprint.
Conversion Projects – changing use or dividing into multiple units (e.g. large house to flats) under permitted development or planning consent.
Even though you're buying a “project,” location remains paramount. Access to transport, amenities, schools, and strong demand zones can absorb project risk.
Commission building, structural, and services surveys to expose defects (subsidence, rot, damp, outdated wiring) before committing.
Check what is allowable under current planning rules: loft extensions, rear additions, basements, or subdivision. Some project houses will require full planning consent if located in conservation zones.
Build a detailed budget covering brickwork, finishes, mechanical & electrical, compliance, professional fees, permits, and contingencies (typically 15–25 %). Also model buffer for delays.
Lenders often exclude or heavily discount project houses. Many buyers use bridging finance or specialist refurbishment loans until works complete and the property qualifies for standard mortgage refinancing.
Define your post-refurbishment value (sale or rent) before you buy. Ensure your target yield accounts for all costs. Use comparables of high-end refurbished homes in that area.
Strong project management is essential: stage payments, milestone inspections, cost control, legal controls over contractors and variations.
PropertyToRenovate.co.uk lists renovation and project houses across London — e.g. a 4-bed terraced house in E14 or East Ham priced for refurbishment. propertytorenovate.co.uk
Auction House London regularly offers “houses for renovation” at auction — terraces, character builds, redevelopment sites. Auction House London
Zoopla has a section “renovation properties” across the UK, showing projects and fixer-uppers. Zoopla
PropertyRenovate (London specialist) sources project houses, flats, and development opportunities in London and markets them to investors and developers. PropertyRenovate
Benefits
Lower acquisition price relative to finished homes
Strong potential for capital uplift post-refurbishment
Complete control over design, finish, layout, and specification
Reduced competition since many buyers avoid “projects”
Opportunity to convert or extend under planning, increasing floor area
Risks
Hidden structural problems or defects beyond initial survey
Cost overruns due to contractor, material, or regulatory delays
Financing risk (unable to refinance if works go over budget)
Planning rejection or restrictive conditions
Market volatility impacting sale or rental assumptions
Fraser Bond offers full-spectrum advisory for project-house acquisitions:
Deal sourcing & off-market access — using network and specialist sources to find undervalued project stock
Due diligence & risk assessment — coordinating structural, legal, utilities, and planning reviews
Feasibility & financial modeling — cost analysis, cashflow, break-even, exit scenario modeling
Funding structuring & introduction — bridging, refurbishment loans, mezzanine, equity partnerships
Project management & delivery oversight — supervising contractors, quality, timelines, variation controls
Sales or letting strategy post-completion — market positioning, staging, tenant sourcing, resale marketing
To discuss project houses currently available in your preferred London areas or how to run a refurbishment project pipeline, contact Fraser Bond via FraserBond.com for tailored support
