"Talking of practicality, as well as high prices, the general experience of living in a period property could also be contributing to the fact that good buyers are hard to come by because historic homes are often complex and expensive to run and maintain"
- Jason Harris-Cohen - Open Property Group
Open Property Group has analysed the current level of buyer demand for five types of period property - Victorian, Georgian, Regency, Tudor, and Edwardian - in England to understand what kind of appetite currently exists for historic homes, and discover which era of British history is most enticing to buyers.
Demand is calculated by measuring the total number of period properties currently listed on England’s housing market against those that are already sold subject to contract. For example, if there were 100 homes on the market and 50 were SSTC, demand would stand at 50%.
Period properties are attractive to some buyers for a number of reasons. Victorian homes have large windows and high ceilings; Georgian homes have elegant curb appeal; Edwardian homes often boast airy, light-filled interiors; Regency homes are famed for their elaborate stylistic flare; and Tudor homes, with their wood-beamed exteriors, are among the most iconic buildings in British history.
Period demand is lagging
Despite this obvious appeal, Open Property Group’s analysis reveals that demand for properties currently sits at just 39.2%, with 14,026 of the 35,761 currently listed on England’s market already SSTC.
This means that period demand is lagging behind general housing market demand which currently stands at 43.5%.
Period buyers appear to be most hungry for Georgian homes, for which demand stands at 40.6%. This is followed by Edwardian (40.4%), Victorian (39.7%), Tudor (33%), and Regency (31.9%).
Victorian homes have the largest stock among period properties, with 21,016 currently listed on the market. There are 7,608 Georgian homes, followed by Edwardian (3,417), Tudor (2,141), and regency (1,579).
High price premiums deterring potential buyers
Why is demand for period properties lagging? The first thing to consider is price.
Based on a sample of approximately 1,000 period properties, the current average asking price for historic homes is £628,195, a price premium of 103% compared to England’s wider average house price of £309,496.
Georgian homes carry the largest asking price premium of 179.8%, followed by Edwardian homes at 126.3% and followed by Tudor (93.2%), Victorian (76.5%), and Regency properties (47.9%).
It’s reasonable to assume that these high prices are contributing to a muted appetite for period homes.
Furthermore, England’s market today is in a position where general market stock is selling for at an average of -3.8% below asking price, again illustrating that buyers are doing all they can to minimise costs and sellers are unfortunately paying the price.
CEO of Open Property Group, Jason Harris-Cohen, commented: “Period homes are highly desirable, and often feature in people’s fantasies about that dream property they will one day be able to buy. However, when times are hard like they are for so many people today, such dream homes have to take a backseat to practical and affordable alternatives.
"Talking of practicality, as well as high prices, the general experience of living in a period property could also be contributing to the fact that good buyers are hard to come by because historic homes are often complex and expensive to run and maintain. They waste more energy than newer homes which typically pushes bills up and makes sustainable living nigh-on impossible.
"Anyone who is struggling to sell their period property might need to think about waiting for the economy to show significant improvement. And while this seems to be an awfully long way off, it could be worth considering selling the home to a quick sale specialist who can take it off your hands instantly and relieve you of the burden.”
