UK

Period home-owners spent £19k on property upkeep since 2022

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More than a fifth of British homeowners – 21 per cent – live in period homes, defined as properties built before 1919

Period home-owners have spent an average of £19,213 maintaining and repairing their properties since 2022, a study has revealed.

More than a fifth of British homeowners – 21 per cent – live in period homes, defined as properties built before 1919.

But they come at a cost, with maintenance averaging £686 a month – the equivalent of a small mortgage – as per research by property website Zoopla.

Non-period property owners spent £8,496 on average since 2022, less than half the amount.

Key costs for period home-owners include external elements such as roofing and brickwork, as well as interior issues such as upgrading insulation and electrics, the property website said.

Just over a fifth – 22 per cent – of period home-owners said they did not realise how much it would cost to maintain their home, and a quarter regretted purchasing a property for this reason.

Owners of homes from different periods also report different levels of satisfaction.

Around 30 per cent of Georgian home owners regretted buying because costs have been more than anticipated, compared with 28 per cent of Edwardian home-owners and a fifth of Victorian.

Daniel Copley, consumer expert at Zoopla, said: There is 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, he said.

He added: Prospective buyers need to consider this when they buy a home, and whether they will be able to budget for this upkeep in the long term.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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