I have seen better examples of this type of fireplace and It looks like it wouldn't function very well so my call would be to replace if you needed it to function.

I think the surround is the problem as the white paint doesn't really work .

If you were going retro with the reno then I would keep it but strip the paint and go for a wood surround.

I think the fireplace has such texture and interest with the natural slate colours that you would diminish the character of the room to remove it. Improving the functionality though may further enhance its value to you.

I would keep it, but modernise it. I know it's sacrilege to paint over stone like that, but if you wanted a more uniform look you could paint it out white and it would still be a feature with its interesting texture! Then you could style it with interesting pieces on the mantle to blend with the rest of your decor/style.

Ps. Google 'stone fireplaces painted white'- plenty of examples there, including limewash effect which also looks good.

Eg.

I love a bit of mid century slate action. The trouble is that it can look a bit muddy sometimes. I would consider vamping it up with a slate grey painted surround and almost black stone hearth (that goes at least to the edges of the slate surround). A little ethanol fireplace can be inserted within, keep it simple. What spoils the picture for me is the carpet! It is so beige that the poor fireplace just looks like a grubby bystander. Floor boards would definitely increase the glam factor :)

Thank you to everyone that has provided comment - it has certainly provided some ideas and further consideration. Firstly, the cream paint and carpet will go! The slate may now survive. We are not sure if we want a functioning fireplace so an ethanol burner could be a good option.

If you are looking at having the fire place as a feature the ethanol burners are a good way to go. They do make a nice feature. The below picture shows you how the inserts look in an existing fire place and the other photo is an installation into a wall we have just completed for a client. If you require further information on the burners please feel free to call.

Do you plan on using it for a heat source, or is it purely aesthetic?

If it's a serious heat source, then I'd consider retrofitting an enclosed Jetmaster slow combustion or gas fire. Slow combustion fires are always preferable to open fires like you have- they slow the wood burn and direct the heat into the room, not up the chimney. Check out what the local wood supply and costs are first.

If it's aesthetic, may gets run when you entertain. I'd get some black fireplace paint- paint the grate and the inner fire box black. I'd change the hearth- make it bigger, will prevent sparks and scorch marks. Like some others have suggested, keep the slate- change the mantel. Lots of DIY to give a go there!