The timeless charm of Georgian properties is proving irresistible to buyers, with new research showing that these classic homes command premiums of up to 47% compared to other properties with the same number of bedrooms in England. This insight comes from a comprehensive study by national estate agency Yopa, which examined the enduring appeal of homes from the Georgian era (1714 to 1830-1837) and their value in today’s market.
On average, a Georgian property in England fetches about £783,000, standing significantly above the average £582,000 paid for other nearby homes of similar size. This equates to a substantial premium of 34.6%, highlighting the enduring allure of Georgian architecture, known for its grandeur, symmetrical design, spacious interiors, and decorative details.
Why Georgian Homes?
The continued popularity of Georgian homes isn’t just about their visual appeal. These properties typically boast large windows, high ceilings, and wooden or marble floors, not to mention ornate fireplaces. Their robust aesthetics are coupled with a practicality that modern homeowners admire. Furthermore, these homes are believed to hold their value reliably over time, whereas contemporary homes might fall out of favour as architectural trends change.
However, owning a slice of history comes with its challenges. Maintenance can be particularly costly for these historic properties, and the likelihood of them being listed can complicate and add expense to any renovation projects.
Georgian Homes in the South West
For those seeking more affordable options, the South West emerges as an attractive region. Georgian homes here carry the lowest premium relative to the general market, although they still command an impressive 31.6% more. The average Georgian home in this region goes for £653,000, as opposed to £496,000 for other homes. Additionally, almost half (46%) of all Georgian homes listed for sale in England are in the South West, followed by the East of England and South East, accounting for 14% and 13% of the stock, respectively.
Northern Premiums and Rarity
In contrast, the North East of England witnesses the highest premiums for Georgian homes, soaring to 47.2% above the general market. Here, a Georgian home could cost around £678,000, significantly more than the £461,000 for other properties. Yorkshire and the Humber aren’t far behind, with Georgian properties fetching £632,000, a 45.2% premium over the average £435,000.
These hefty premiums in the North likely result from a scarcity of Georgian homes. The North East holds a mere 1% of England’s total Georgian property supply, and Yorkshire and the Humber just 4%. This rarity often sparks fierce competition among eager buyers when such a property does hit the market.
Verona Frankish, CEO of Yopa, reflected on the findings: “The allure of Georgian properties hasn’t faded and many buyers are willing to pay significant premiums to buy one. These homes tend to have an enduring appeal due to their decorative details, fireplaces, and high ceilings. The largest premiums are in the north, which is no doubt due to the lack of supply in the region – if you want to buy a Georgian home in the North East you’re seemingly seeking a unicorn.”
Frankish added, “In the South West, East of England, and South East, however, there are plenty of opportunities to purchase one of these sought-after period properties.” This study underscores the lasting appeal of Georgian architecture and the value that homebuyers place on owning a piece of history, even in the face of higher costs and potential renovation challenges.