Audiences have been captivated by the comings and goings at Downton Abbey for well over a decade. Now, the new costume drama Bridgerton is the latest show to revive the nation’s love for everything Georgian.
However, according to new research, those of us wanting to live in a Georgian property should expect to pay a significant premium.
The research, which looked at the average sold price of Georgian homes in the current market comparing it to non-Georgian properties of similar size and location, found that in today’s market, a Georgian property sells for £759,612, which is 36 per cent more than comparable non-Georgian homes.
The research found that Georgian properties are commanding over £200,000 (£202,874 on average) more than comparable non-Georgian residences in the same region due to high demand for this style of property.
In London, the premium buyers will pay for a Georgian property is even more significant, with these classic period properties costing £1.8 million on average… over half a million pounds more than non-Georgian properties.
While London tops the table in terms of the total price paid, the North East has the highest price premium in terms of percentage with Georgian properties typically costing 87 per cent more than non-Georgian; this amounts to an average premium of £279,729.
In the South East, Georgian era homes command house price premiums of over £200,000 (£260,737) while in the North West the premium is £232,354 and in Yorkshire and the Humber £205,771.
The premium buyers will pay for Georgian era homes is hardly surprising when one considers that they are often grand in appearance and offer the size and curb appeal that many buyers are searching for.
However, although Georgian properties are mostly free of Grade I or Grade II restrictions, so offer property investors the opportunity to renovate and modernise these period properties to their own tastes, property investors should know that they may require additional or specialised workmanship to upkeep or preserve their period features, which can be more costly.
Colby Short, Founder and CEO of GetAgent that conducted the research, commented: “Georgian properties are incredibly popular and provide a great opportunity to own something more unique than your average new-build home. While historic, their size and style are often timeless and these are two factors that resonate strongly with buyers in today’s market. When you couple this appeal with the fact that stock availability is also limited, the result is a sizeable market premium when compared to non-Georgian homes.”
Have you paid a significant premium to buy a Georgian property? How did this work out for you in terms of resale and rental value?