Few things are more appealing to would-be buyers than a period home complete with traditional features. When asked to describe their ideal home many are likely to use the word ‘period’ and no period home would be complete without features ranging from sash windows to Georgian front doors.
With the capital home to some of the UK’s most resplendent period homes it could be suggested that the staggering 31% climb in London houses prices since the last general election could in small part be down to these very features.
The property price growth figures from Gocompare show that the average price of a home in the UK stood at £435,034 in April 2014 – a jump of £103,323 since 2010.
Place a top budget of £450,000 into property portal Primelocation and many of the first results page results include period homes complete with sash windows.
Commenting on the survey findings, Matt Sanders mortgage spokesperson at Gocompare.com highlighted the London ‘premium’:
“It’s no secret that London is a particularly expensive place to live, however the difference between house price rises in the capital when compared with the rest of England and Wales really does lend weight to the phrase ‘London prices’.
“These figures will do little to comfort Londoners looking to get on the property ladder.”
Period property bargains are still to be had in other UK regions
For fans of heritage homes whose buying budget sits below the £400k budget the good news is that you can still snap up the home of your dreams for less in other UK regions.
House prices have actually fallen across the same period in many UK regions and the most reasonable properties can be found in Wales (-2.82% to £117,581), the East Midlands (-2.26% to £128,988) and the West Midlands (-1.24% to £135,150).
Mr Sanders went on to add that these figures reveal that it is still very much a buyer’s market: “However, those in other areas of the country should be reassured that despite talk of rising house prices across the UK, outside of the capital, there hasn’t been a big change in the affordability of property. And even with the recent tightening of mortgage lending rules, with low interest rates and competitive mortgage deals available it’s still very much a buyer’s market,” he said.