Middle-class homebuyers are frequently willing to pay twice as much for smaller, older homes compared to larger, newer properties, primarily due to the aesthetic appeal of period houses from the street. Estate agents report that Victorian, Edwardian, and Georgian homes are highly sought after, while modern housing estates are often less desirable.
This preference for "kerb appeal" can translate into a substantial financial premium. Buyers may opt for a period property with less square footage over a more spacious new-build to gain the perceived prestige and lifestyle associated with older homes. For example, a three-bedroom Victorian house in Twickenham with 151.6 square meters sold for £1,275,000, while a larger, five-bedroom property on a nearby 1950s-1960s estate was valued at £675,000.
Jonathan Mills, managing director of Parkgate Estate Agents, suggests this trend is often about "buying into a lifestyle" and "keeping up with the Joneses." He notes that period homes often appear more attractive in media and can lead buyers to associate them with a "perfect life." Furthermore, period properties are often located in areas with desirable amenities like good schools and shops, contributing to their appeal as enclaves of "picture-perfect happiness."
Social media and increased interest in renovation have also fueled the demand for period properties. Images of charming terraces and elegant townhouses shared online, coupled with the trend of transforming older homes into modern living spaces, have boosted their desirability. Hadden White, Principal Appraisals Specialist at Inigo, confirms a "noticeable uptake" in younger people engaging with heritage homes, partly influenced by social media content showcasing sensitive renovations.
Despite their aesthetic advantages, older homes can present practical challenges for modern families. Properties built centuries ago may lack the space and layout suited for contemporary needs, often requiring extensions or renovations to accommodate features like large kitchens and family living areas. Architecturally, newer homes typically offer more light, larger windows, and squarer rooms, making furniture placement easier.
Historically, period properties were not always as coveted. However, current trends indicate a shift, with buyers valuing "tangible value in original features, in good design," as described by White. He also emphasizes the importance of a home's history, with some buyers viewing themselves as temporary custodians.
Estate agents also point to the structural integrity of older homes as a factor in their enduring appeal. "The build quality of Victorian properties have generally stood the test of time," Mills stated, contrasting this with potential issues like damp and poor ventilation found in some homes from the 1960s or Art Deco periods. This perceived durability, combined with aesthetic and lifestyle aspirations, contributes to the willingness of buyers to pay a significant premium for period homes. Mills expressed surprise at the wide range of prices per square foot he witnesses, from around £400 to £1200 in his area.