Homeowners who live in period properties are spending an average of nearly £700 each month on repairs and upkeep, according to a new study by Zoopla.
The property portal revealed that period homeowners are spending more than twice as much in upkeep costs compared to non-period households.
In total, it estimates that period homeowners fork out close to £70,000 on average in repairs and maintenance during their entire time at a given property.
Beauty and the beast: Many people are drawn to buy period homes due to their lovely features and charm, but Zoopla says they often get a nasty surprise when it comes to the upkeep
Last week, Rightmove revealed the top five most popular period property styles with Victorian homes reportedly the favourite among house hunters, closely followed by Georgian.
Tim Bannister, a property expert at Rightmove said: ‘Victorian homes remain particularly popular, characterised by their historic charm, solid construction, and spacious interiors.’
Over a fifth of British homeowners live in period homes, according to Zoopla, which it defines as properties built before 1919.
However, Zoopla’s findings suggest that such homes come with hefty upkeep costs that may be making people reconsider whether they are worth it.
The research revealed that since 2022, period home owners have spent an average of £19,213 keeping their property up to scratch.
This is nearly two-and-a-half times the cost of non-period homes and equates to an average of £686 per month. That is on top of the current average monthly mortgage cost in the UK of £950.
Britain’s most popular style: Victorian properties, those built during the era of Queen Victoria’s reign from 1837 to 1901, are the most popular of period homes
With increasing numbers of mortgaged homeowners coming to the end of their cheaper fixed rate deals with every passing month, there will also be many who will see their monthly mortgage costs increase significantly, which will add to the pressure alongside the upkeep costs.
Zoopla says the drain from the continuous repair bills has caught many period homeowners out.
More than a fifth say they didn’t realise how much they would need to spend to maintain, repair and upgrade their property – or didn’t envisage any costs at all – before buying.
Potential buyers need to consider this when they purchase a home, and whether they will be able to budget for this upkeep in the long term
Two in five period home owners say the final cost was more than they had anticipated.
Amongst those who say the costs were more than expected, a quarter say they regret the decision to purchase a period property owing to the expensive upkeep.
However, the majority – almost three quarters – say that the costs are ‘worth it’, and they don’t regret their purchase, showing that most feel period homes are worth the extra money.
Daniel Copley, consumer expert at Zoopla, says: ‘There’s no denying that period properties are characterful and high-quality, with plenty of elements which draw buyers in, but these require regular investment to keep them in working order.
‘In fact, the average spend is almost the equivalent of an extra mortgage. Potential buyers need to consider this when they purchase a home, and whether they will be able to budget for this upkeep in the long term.’
What’s driving the cost?
Correcting external parts of their period home has made up the majority of costs incurred by homeowners since the start of 2022.
External upkeep includes things like repainting, replacing windows, issues with the roof, subsidence, structural issues such as leaning chimneys, cracks in brickwork, garden maintenance and fixing clogged or blocked gutters.
Zoopla found that the owner of the average period household has spent £12,865 on this since the start of 2022.
This is more than three times as much as the external maintenance costs incurred by homeonwers with properties built since 1919.
Just £4,314 on average was spent on external maintenance by those who own non-period homes in the same period, according to Zoopla.
External repairs: Period homeowners are reportedly shelling out more than three times more than other households on keeping the outside in good order
Meanwhile, in the past two-and-half years period home owners have parted with £6,348 for internal maintenance costs such as flooring, bathrooms, electricals, removing mould, upgrading insulation and fixing wiring and electrics. This compares to £4,182 for those in non-period homes.
All in all, Zoopla found that owners of period homesspent an average of £68,289 since they bought their home, having owned it for an average of 16.8 years.
By comparison, owners of non-period homes have spent an average of £39,970 on their home since they purchased it, over the course of an average of 13.4 years of living in their properties.
Is a period property worth the hassle?
Despite the potentially expensive upkeep costs the majority of period homeowners feel it is worth it.
Over half of owners say period homes have more character, 44 per cent say they are built to last, and 45 per cent love the architectural style and how it looks from the outside.
The garden won over 42 per cent of people and a third love not being able to hear the next door neighbours thanks to the thicker walls – and vice versa.
Original features were a favourite for a third of those surveyed and the layout for two in five.
Zoopla’s Daniel Copley thinks that homebuyers should seriously consider alternatives to period homes, however.
‘Our research shows that non-period homes and new builds are considerably less expensive to upkeep, and worth considering when buying a home,’ he says.
‘There are plenty of options when it comes to era and style of home, with many high-quality homes on the market which will require less investment in maintaining them.’
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