Listed Homes

We look at the pros and cons...

There’s a special kind of allure to a listed building. Rare and unique properties of historical or architectural importance, they have been placed on a national register with strict rules in place designed to protect and maintain their fabric for future generations. There are three categories of listing. Grade II means the property is of special interest. Grade II* means it is considered important and of more than special interest. And Grade I means the property is of ‘exceptional interest’.

‘Listed buildings offer something different to homebuyers. Not only are they a piece of history, they are often unique in terms of design and build,’ explains Marc Headley Grreaves, managing director of Bounds & Greaves estate agency.

‘This, coupled with the fact that stock levels are limited, makes them incredibly rare, and so increases their desirability further.

They are essentially an investment class of their own, much like gold or antique furniture, which can also make them impervious if there’s a dip in property values across the wider market.’

Rules To Consider

The fabric of a listed building is protected by law, which means owners need to apply for both listed building consent and planning permission when proposing any changes.

‘Regular maintenance and likefor-like repair is often permitted but if these renovations involve alterations to the fabric or features of the home, you will need consent,’ says Marc.

Getting approval for a larger project, such as an extension or loft conversion, may be slow or difficult to obtain. ‘The most common obstacle is failing to seek advice from a heritage consultant during the initial stages of any renovation project,’ Marc advises.

‘Beyond that, it’s the changes themselves that can cause issues, either because they are prohibited or they haven’t been carried out to the necessary standards.’

Check Before You Invest

‘It’s of vital importance that you invest in a full structural Listed Building Survey or Historic Building Survey. This will reveal any existing or potential problems and give an idea of what they might cost to remedy,’ suggests Marc.

‘A specialist survey for a gradelisted home will cost between £800 and £1,500, versus a cost of between £300 and £500 for a regular home.’

You’ll also need to check that planning permission was in place for any past work on the property. If not, it may be you – not the previous owner – who is responsible for returning the property to its previous condition.

Other Costs And Considerations

‘You will require specialist insurance as the rebuild cost of a listed building is higher than a traditional home,’ says Marc. ‘The average insurance premium tends to be about 40 per cent above an ordinary home insurance policy.

‘Any maintenance or repair work is likely to cost considerably more than average property building work, as it will require specialist tradespeople and specific materials. There are government grants available via Historic England so it’s well worth checking with them to see if your property is eligible.’

HIGH PRICE, HIGH RETURNS

‘The average asking price for a grade-listed home sits at £750,000, which is 131 per cent higher than the national average house price,’ explains Marc.

‘With limited stock available, demand for grade-listed homes can be high, meaning they attract immediate attention when entering the market for sale. However, they don’t suit everyone and require a certain kind of buyer with a certain level of budget.’

A Legacy Home

We talk about finding our ‘forever home’, but when you buy a listed home, you are truly creating a legacy for generations to come. ‘As the owner of a grade-listed home, you’re a guardian of that unique piece of history and heritage until you pass the baton on,’ Marc says.