Aspiring buyers are willing to pay a premium of more than a third to live in Georgian properties, the most popular type of period home.
The research comes from national estate agency Yopa, which compared the cost of Georgian properties to homes with the same numbers of bedrooms on the same streets.
Across England a typical Georgian property is sold for £783,000, versus an average of £582,000 paid for nearby homes with the same number of bedrooms, a premium of 34.6%.
The appeal of Georgian homes
The Georgian period spanned from 1714 to between 1830–1837, but the architecture is still much sought after by the nation’s homebuyers today due to its strong kerb appeal.
These homes combine aesthetics and practicality, as they typically have large windows, high ceilings, wooden or marble floors and fireplaces.
Due to their enduring appeal it’s thought they more reliably hold their value compared to some modern homes, which can go out of style.
Upkeep can be more costly with historic homes however, while the increased likelihood of the property being listed means renovations can be trickier and more expensive.
Where to buy – the South West
The South West is the most affordable region in which to buy a Georgian home, as the properties have the lowest premium compared to the general market. That said, they still command 31.6% more compared to similar sized homes at £653,000 for the average Georgian home versus £496,000.
There’s also a lot of choice, as the South West alone is home to 46% of all Georgian homes currently listed on the market for sale.
After the South West, the most Georgian listings are found in the East of England and South East, at 14% and 13% of England’s stock.
Georgian properties rarer and pricier up north
In the North East of England Georgian properties cost 47.2% more than the general market, at £678,000, compared to £461,000 for nearby properties, which is the biggest premium of all regions.
Meanwhile there’s a similarly large premium of 45.2% in Yorkshire and the Humber, with properties selling for £632,000, up from £435,000.
It seems these large premiums come as a result of a dearth of supply.
As a proportion of England’s total supply of period properties, the North East has just 1%, while Yorkshire and the Humber has 4%. It’s no surprise therefore that the rare instance of there being a Georgian property available stimulates a lot of competition among buyers.
CEO of Yopa, Verona Frankish said, “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.”
“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.”