Older UK Homes Increasing in Value Compared with Other Types of Property
UK homes are going through a period of decreasing value for the most part. That is, accept for the homes built many years ago, which mostly share one thing in common – great location. A new study by the Halifax has revealed that homes built before 1919 have gained more in value than any other type of property in the last two and a half decades. These homes have risen in value by more than 450%. In today’s financial terms, it is equal to an average increase of more than 500 pounds each month for twenty five straight years. No other property type equals this rise.
During the last twenty five years the average value has increased in price from 33,619 pounds to 117,990 pounds in 2001. Today, the average has grown to much more than that of 2001 – 188,473 pounds.
Martin Ellis of Halifax was questioned about the recent boom in value of the pre 1920 homes. He has clear understanding of why these homes have exploded in price compared with the majority of other homes or types of property.
Ellis said: “The age of a property often determines its size, its style and location. Properties from the Victorian or Edwardian era tend to be in higher demand.
“This is because there are fewer of them. They are often larger, situated in desirable locations, and have a popular style.”
This recently released data could have conflicting results about the types of property available on the current market. While the government is pushing the most recently built homes, it is very old homes which are rising in value.