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Pre-1919 homes see biggest house price rise

Friday, 2 December 2011 8:51 AM

Owners of houses built before the First World War have seen the biggest increase in prices over the last 25 years, according to new research from the Halifax.

The bank said pre-1919 homes have risen in value by 461 per cent from an average of £33,619 in 1986 to £188,473 in 2011 - the equivalent of £516 a month. The average price of all homes has "only" gone up by 357 per cent.

The Halifax Property Age Review divides homes into four age bands: pre-1919, 1919-45, 1946-60 and since 1960.

Homes built after 1960 have seen the next biggest rise (348 per cent), followed by 1919-45 (345 per cent). The period between the Second World War and 1960 has seen the smallest rise at 249 per cent.

Halifax housing economist Martin Ellis said: "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 25 years"

However, there has been a shift in fortunes since the housing downturn in 2007, possibly as a result of a dip in demand for larger properties. Homes built before 1919 have seen prices contract by 30 per cent over the last four years, the most of any of the four eras.

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