Owners say no to Victorian conversions, survey finds
Almost half of home owners living in Victorian properties in the UK converted into flats will consider a new build next time they buy, a new independent report has revealed.
Its findings showed that owners of older properties are forced to fork out thousands to cover necessary repairs and replacements within a few years of moving in. On average each paid out £8,000 to maintain their home during their first five years of owning the property.
The report, commissioned by Cathedral Group and United House and prepared by 20/20 Research, was based on interviews with Victorian conversion owners across the UK and showed 45% would consider a new build next time they buy. Young owners aged under 40 were particularly likely to switch to new build when they next move.
‘I welcome the results of this research which shows that while public perception may drive people to purchase a Victorian conversion, their attitude to this type of property quickly changes when the reality of the costs and inconvenience involved in maintaining them hits home,’ said Martyn Evans of Cathedral Group.
‘It's great to see that many owners would look at new build next time they buy. These homes offer a great alternative with benefits including no leaky roofs, no draughty sash windows, reliable rental yields and minimal maintenance. They also come with guarantees that protect owners and their purses, bringing them peace of mind if things do go wrong,’ he added.
The survey revealed the most common bills for those living in Victorian conversions were for bathroom and kitchen replacements. More than 22% needed to replace one or the other, or both, within five years. Other expenditure included repairing or replacing single glazed sash windows (21%), struggling with boiler faults (19%) and making necessary roof repairs (8%).
Many found their home was a drain depriving them of money, home comforts and time. Some dipped into their savings to pay for work and others set aside a sum each month to finance it. Home owners also said it was a struggle to keep their property warm and their bills down during cold snaps, and measures to cope with this include attempting to keep out the drafts from old sash windows with clothing and restricting heating to one room to keep costs down.
Even those who could more easily afford the maintenance and bills were not spared inconvenience and were forced to confront neighbours over noise. Many said those living above them were completely oblivious to the disruption caused by their movements and that some had exasperated the problem by completing substandard floor replacement work with inadequate sound proofing. Taking the time to source a good tradesperson to do work and ensuring they were able to access the property were also common challenges for Victorian conversion owners.
The survey asked people whether they felt their property had been a good investment and while most agreed it was, 38% said they would not choose a Victorian conversion again the next time they buy.
Ben Lovatt, who lives in a two bed flat inside a Victorian conversion in Highbury, north London, with his partner and young child, is among those who would not choose an ageing property again.
‘Our Victorian conversion has nice character but it is also drafty, cold and expensive to heat. My partner had to pay £5,000 to replace two sash windows three years ago because ice had started forming on the inside of the panes. She hasn't expected to have to replace them and had to use her savings to pay for the work,’ he said.
‘When we start looking for our next home we'd consider a new build if there was a suitable property within our price range. For any properties which are not new we'd also carefully consider what maintenance might be required if we moved in. We'd need to look at how much life was left in key aspects of the property before replacement work was required,’ he added.
The results come following the launch of the final phase of apartments inside The Library Building, a major new build project of 136 luxury units in Clapham which is being built by Cathedral Group and United House.
Designed by renowned architects Studio Egret West this award winning development contains one and two bedrooms apartments plus a selection of penthouses, all designed to give owners luxury without compromise, in a location renowned for being one of London's most exciting and dynamic urban villages.
The Library Building was created as an alternative to the ubiquitous Victorian conversion that dominates Clapham's residential market and Cathedral Group and United House completed the research in a bid to tackle home buyer perceptions that new build properties are less desirable than period properties.
