Period home-owners ‘spend equivalent of small mortgage’ on property maintenance
Maintenance costs averaged nearly £700 a month since 2022, according to research by property website Zoopla.
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Your support makes all the difference.Period home-owners have spent an average of £19,213 maintaining and repairing their properties since 2022, a study has found.
More than a fifth of British homeowners – 21% – 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 – according to research by property website Zoopla.
Non-period property owners spent £8,496 on average since 2022, less than half the amount.
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
Key costs for period home-owners include include external elements such as roofing and brickwork, as well as interior issues such as upgrading insulation and electrics, Zoopla said.
Just over a fifth – 22% – of period home-owners said they did not realise how much it would cost to maintain their home, and a quarter regretted buying a property for this reason.
Owners of homes from different periods also report different levels of satisfaction.
About 30% of Georgian home owners regretted buying because costs have been more than expected, compared with 28% of Edwardian home-owners and a fifth of Victorian.
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.”