Period properties over twice as expensive to maintain

Posted on Wednesday, May 15, 2024

While period properties are saught after, the cost of managing elements like the roof, brickwork, garden and leaning chimneys makes them twice as expensive as a modern home, research from Zoopla has revealed. 

Since 2022 period home owners have spent an average of £19,213 keeping their property up to scratch, which Zoopla labelled a ‘period tax’.

This is nearly two-and-a-half times the cost of non-period homes (£8,496) and equates to £686 per month – two thirds of the current average monthly mortgage cost in the UK of £950.

Other maintenance costs associated with period properties are flooring, bathrooms, electricals, removing mould, upgrading insulation and fixing wiring and electrics.

Daniel Copley, consumer expert at Zoopla, said: “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.”

Amongst those who say that the costs were more than expected, a quarter (25%) say they regret the decision to purchase a period property owing to the expensive upkeep.

But the majority – three quarters (72%) – 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.

Given the riskier nature of buying an older home, it’s a good idea to take out a detailed property survey before making a purchase, rather than relying on an automated survey.

Via @PropertyWire