So what should you be looking for when you buy? And how will your home's type affect its popularity?
Take a Georgian home. Most Georgian homes were built in the 18th Century and as a result they are usually in great locations in city centres, which are typically more expensive than the suburbs. On top of this price premium, another premium is added as there were few Georgian homes built in the UK, so the supply is often a lot less than the demand and even when property prices in general are falling, they tend to hold their value. Finally, if one Georgian property has been beautifully renovated with all the original features and character, it is likely to fetch a much higher price than one that has not been tastefully modernised.
Other properties that generally fall into the same category as Georgian homes are:
Listed buildings
Thatched cottages
Edwardian homes
New build homes are typically priced at a premium versus what the industry calls ‘second hand homes’ (ones that other people have lived in), this premium is typically 20% above similar nearby properties. Although developers are getting better at trying to differentiate one new home from another, you are likely to be on an estate, with smaller gardens and less garage space than a 1930s or 50s home, but as it’s new, you’ll are still likely to have to pay a premium, despite the fact you are probably getting less space.
However, in a recession, particularly the latest one in 2008/9, developers were so desperate to sell properties they had built, that prices were often reduced well below prices of similar properties nearby, so it’s important to bear in mind that the price of the property type you want to purchase may vary depending on whether prices are generally rising or falling.
So, when thinking about the type of property you are buying or selling, it’s important to bear in mind that the type of property as well as the location of the property can have a dramatic effect on the price you pay. If you are struggling to get onto the property ladder, being able to compromise on the property type may make the difference between you being able to buy a property or not find one in your price range.
In summary, the most expensive property types are those that will always be in short supply, such as listed and other character buildings. New homes are typically next and finally homes that were built in the 1970s, 50s and 30s.
So if you are buying, don’t forget to consider which property types you are willing to pay a premium for.
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