Houses built before 1919 have seen the largest surge in prices over the past 25 years, according to new research from Halifax. Properties built before the end of the First World War have risen by an average of 461 per cent – equivalent to £516 per month – from £33,619 in 1986 to £188,473 in 2011. This is significantly more than the average house price increase for all properties of 357 per cent (£449 per month).
Properties from the Victorian era, famed for their high ceilings and fashionable detailing, the Edwardian period, with their decorative cornices, and the Georgian epoch, exemplified by the Circus in Bath, all contribute to this surge in price for pre-1919 homes.
Martin Ellis, Halifax housing economist, commented: “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: there are fewer of them, they are often larger, situated in desirable locations, and have a popular style. It’s easy to see why pre-1919 homes witnessed such a dramatic increase over the past twenty five years”.
After pre-1919 homes, properties built since 1960 have seen the next largest rise in house prices, increasing over the last 25 years by 348 per cent to £169,168. On the other side of the scale, however, properties built between the end of the Second World War and 1960 – a period which saw the advent of the high rise and of more European open plan homes – have seen the smallest increase in prices with an average rise of 249 per cent over the period.
Martin Ellis continued: “Modern properties, built since 1960, have their own pull, which is sometimes linked to convenience; whether it is location on a commuter belt or the fact little extra work is needed. Properties built between the end of the Second World War and 1960, on the other hand, include many smaller properties, which will contribute to the smaller rise in price over the last twenty five years. “
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