The Other Period Tax: Period properties cost their owners 'the equivalent of a small mortgage’ in maintenance and upkeep each month
On average, period home owners have spent over £19,000 maintaining and repairing their period home since the start of 2022 and a total of over £68,000 since buying their property
This is equivalent to nearly £700 a month since 2022 - a significant proportion of the current average monthly UK mortgage cost of £950
This is more than double the cost of non-period homes, which have cost owners around £8,500 since 2022 - and £37,000, since they bought their home
More than a fifth of homeowners now live in period homes, built in 1919 or before - but many were not prepared for the cost of upkeep
Zoopla has a range of tools such as the mortgage calculator to help potential buyers budget correctly, as well as offering step-by-step guides to help navigate the homebuying process
Under embargo until 00.01 Wednesday 15th May, London: Over a fifth (21%) of British homeowners live in period homes - defined as properties built before 1919 - with many drawn in by their lovely features and charm. But they come at a cost, in the form of maintenance averaging nearly £700 a month, according to new research from leading property website Zoopla.
The survey analysed recent costs homeowners have had to pay when it comes to maintaining, repairing or modernising their home. The figures reveal that since 2022, period home owners have spent an average of £19,213 keeping their property up to scratch; the so-called ‘period tax’. This is nearly two-and-a-half times the cost of non-period homes (£8,496) and equates to £686 per month - a significant proportion of the current average monthly mortgage cost in the UK of £950.
What’s driving the ‘Period Tax’?
The majority of spend by owners since the start of 2022 (£12,865) has been on external elements of the property, such as roofing, brickwork, garden maintenance, external walls and leaning chimneys. This compares to just £4,314 spent on external maintenance by those who own non-period homes including new-build properties.
Meanwhile, in the past two-and-half years (since the start of 2022) period home owners have parted with £6,348 for internal maintenance costs such as flooring, bathrooms, electricals, removing mould, upgrading insulation and fixing wiring and electrics. This compares to £4,182 for those in non-period homes and just £2,915 for those who own new-build homes (built since 2020).
All in all, owners of period homes have spent an average of £68,289 since they bought their home, having owned their period homes for an average of 16.8 years. By comparison, owners of non-period homes have spent an average of £39,970 on their home since they purchased it, over the course of an average of 13.4 years of living in their properties.
A period of regret?
The costs of running a period home have caught many owners out. A fifth (22%) say they didn’t realise how much they would need to spend to maintain, repair and upgrade their property - or didn’t envisage any costs at all - before buying. And two in five (39%) period home owners say the final cost was more than they had anticipated.
Amongst those who say that the costs were more than expected, a quarter (25%) say they regret the decision to purchase a period property owing to the expensive upkeep. But the majority - three quarters (72%) - say that the costs are ‘worth it’, and they don’t regret their purchase, showing that most feel period homes are worth the extra money.
Why are British homeowners prepared to part with so much extra money in order to live in a period home? Over half of owners (55%) say they have more character, 44% say they are built to last, and 45% love the architectural style and how it looks from the outside. The garden won over 42% and a third (32%) love not being able to hear the next door neighbours thanks to the thicker walls - and vice versa. Original features were a favourite for a third (33%) and the layout for two in five (39%) period property owners.
Daniel Copley, Consumer Expert at Zoopla, says: “There’s no denying that period properties are characterful and high-quality, with plenty of elements which draw buyers in, but these require regular investment to keep them in working order. In fact, the average spend is almost the equivalent of an extra mortgage. Potential buyers need to consider this when they purchase a home, and whether they will be able to budget for this upkeep in the long term.
“To help period homeowners make the most well-informed decisions they can when it comes to improving and buying their homes, our step-by-step guides offer all the key information they need to embark on their period home improvement and buying journeys. Our research shows that non-period homes and new builds are considerably less expensive to upkeep, and worth considering when Our research shows that non-period homes and new builds are considerably less expensive to upkeep, and worth considering when buying a home. There are plenty of options when it comes to era and style of home, with many high-quality homes on the market which will require less investment in maintaining them. Many come with a warranty, such as new builds, which can be specifically searched for on Zoopla.”