The famous phrase “A man’s home is his castle” has long epitomised the value and sanctity that people attach to their homes. Indeed, for today’s investors, the concept of property ownership has expanded far beyond the traditional notion of buying a house or a flat. Unconventional properties such as castles, forts, houseboats and barn conversions are presenting unique alternatives to those searching for something a little quirky. Even better, buyers are discovering that they can buy an extraordinary property for less than the cost of a Kensington flat.
New research has analysed the changing value of some of the UK’s more unusual property types to see what buyers could secure compared to a flat in Kensington & Chelsea which will currently set buyers back a whopping £1.1m.
Can you buy a castle for less than a Kensington flat?
For any investors hoping to buy their very own IRL castle, the research shows that UK castles are bucking the cooling property market trend by increasing in value by 27.8 per cent in the past year meaning most are out of reach for investors with the £1.1 million average Kensington flat budget.
In fact, the average price for a UK castle currently stands at £2.1 million compared to £1.7 million last year. This increase of almost £500K means castles are now 650 per cent more expensive than the average UK home which costs £285,009*, according to the latest UK House Price Index.
However, for those with deeper pockets, a majestical opportunity awaits at this historic English castle in Wooler, Northumberland that is currently on the market for £1.9 million.
Coupland Castle boasts a rich heritage and imposing architectural features, including its stunning stone façade, grand turrets and sprawling grounds. The interior showcases a blend of period charm and modern amenities, featuring spacious rooms, ornate fireplaces and breathtaking views of the surrounding countryside. Although more expensive than a Kensington flat, this castle costs significantly less than the average price of a terraced home in Kensington with an average cost of £2.6 million.
Can a fort be bought for less than a Kensington flat?
With castle-living beyond the reach of most buyers, the next best option – a fort – may be worth considering.
According to the research, the average price of a fort has experienced a notable decline of -19.3 per cent over the past year, settling at a current value of £700,000. While this price is 143.5 per cent higher than the average UK house*, it still pales in comparison to the soaring prices of flats in the research’s prime central London comparison location.
One example of this type of property investment is Horse Sand Fort, which is located in the Solent (the strait of the English Channel between the county of Hampshire and the Isle of Wight). The fort dates back to the 1800s and is on the market for £700,000, some £400,000 less than the average price of a Kensington flat. The unique and picturesque fort offers an extraordinary opportunity to own and develop a piece of maritime history. With stunning panoramic views of the surrounding seascape, the property boasts a rich historical significance and a range of potential uses, such as a private residence, a boutique hotel or an exclusive events venue.
Barn conversions can offer a more affordable alternative to city living
Buyers looking for a taste of country living could secure a barn conversion for a fraction of the cost of the average Kensington flat. Although prices have climbed by 10.1 per cent since last year, the average price of a barn conversion is over £600,000 less at £470,723.
For today’s example, this beautiful barn conversion, located in Coverack Bridges, offers a stunning rural retreat with panoramic views of the Cober Valley and the Lizard. The three-bedroom barn features open and spacious living areas with modern amenities and a decked area to admire the rural views. Additionally, there is a well-appointed two-bedroom annexe currently used as a holiday let, as well as a self-contained studio with the potential for additional income or as accommodation for extended family or guests. Situated on approximately 1.5 acres of land, the property boasts a picturesque garden, plentiful parking and easy access to explore the attractions of West Cornwall. The barn is being marketed by Mather Partnership, Helston for a guide price of £950,000.
How do farmhouses compare?
For an average price of £894,618, you could forgo the barn conversion and fully commit to country living by purchasing a farm.
Farm prices have increased by 14.1 per cent in the past year, but you can still buy a smallholding for much less than a Kensington flat, like this Grade II listed three-bedroom farmhouse with amazing views of the surrounding countryside. The property offers an open-plan living area with log burners at either end, while the stylish navy kitchen adds a touch of sophistication. The generous bedrooms and well-appointed bathrooms provide comfortable accommodation. The stunning lawned gardens include a patio with a hot tub, and there is ample space for alfresco dining. Additional features include a large double garage/workshop/laundry room with lapsed planning to be converted to an office, gym and laundry room and a luxurious Shepherds hut with a wood-fired hot tub, providing potential income or guest space.
Adjacent to the property is an unconverted barn (available by separate negotiation) with planning permission to incorporate it into the main farmhouse. With its tranquil surroundings and modern amenities, this farmhouse, which is listed for £725,000 just under £600,000 less than your average Kensington flat, may present an ideal opportunity for a property developer to make their mark.
Houseboats offer London living for less
One of the most affordable types of unusual properties is the houseboat, the price of which has fallen by -10.9 per cent in the past year to an average of £100,144. This makes them the ideal purchase for anyone who is looking to get a foot on the property ladder with a budget too small for London’s market. One houseboat we found up for sale is this £288,500 2-bedroom, 70-foot floating luxury apartment located in Limehouse Marina, which is known for its vibrant community of boat owners and provides a safe and gated environment accessible exclusively to residents and their guests at a beautiful waterfront setting.
Colby Short, Co-founder and CEO of GetAgent, which conducted the research, commented: “These weird, wonderful homes don’t play by the same rules as the traditional housing market because the more unique a property is, the less its value is tied to the ebb and flow of the nation’s economic fortunes.
People have to scrimp and save for decades to scrape together enough to buy a modest London home, so why not look further afield and buy something that truly rewards all of those years of hard work and sacrifice?”
