Restoring wrecked properties `remains a popular investment`
Released on = June 27, 2007, 10:53 am
Press Release Author = Jimwatson
Industry = Real Estate
Press Release Summary = While restoring a wrecked property might have been a valid way of taking a first step on the housing ladder in decades gone by, it is more difficult now, according to new claims from a national campaign group.
Press Release Body = While restoring a wrecked property might have been a valid way of taking a first step on the housing ladder in decades gone by, it is more difficult now, according to new claims from a national campaign group.
Nonetheless, the Society for the Protection of Ancient Buildings (SPAB) has said that restoring old houses has remained an enduringly popular investment for many buyers. Although it is by no means the easiest way of acquiring a house, many look upon it as an investment and a rewarding opportunity.
As a result, many people are prepared to pay over the odds of a property that is in itself not worth a great deal of money, as buyers are even likely to compete for the challenge of renovation in some instances.
Kate Griffin, press officer for the SPAB, explained: \"Because there\'s a kind of cache in restoring an older building, it does in some ways artificially push the prices up because people want to live in the rural idyll, they want that lifestyle.
\"In the past, restoring a wreck was a very viable way for people to get on the property ladder, because they were taking on something that other people didn\'t necessarily want to do.\"
\"It\'s safe to say that it\'s still very popular, but it\'s not necessarily the first step on the ladder in the way it was ten to twenty years ago,\" added Ms Griffin.
Indeed, the SPAB notes that for a \"very basic cottage\" in the country, the starting price is likely to be set around £125,000, notwithstanding the occasional very remote croft that might come cheaper.
And although demand for this type of renovation is increasing - perhaps due to an increased profile thanks to television series like Restoration - it is difficult to pin down a single overriding reason for its popularity, the organisation stated.
\"I think also people are interested in doing these projects, so that\'s creating a demand,\" explained Ms Griffin.
She added: \"It\'s just all different aspects of the overheated property market, it\'s not being driven by one particular thing. Properties seem to be rising in price every month, and older wrecks aren\'t immune to that kind of inflation.\"
Ms Griffin concluded by saying that SPAB advocates \"conservative repair\" that demonstrates sympathy for the history of the building. Provided this is done to a high standard, using the right materials and after thorough research, there is little reason why the value of the property should not improve significantly, the society stated.
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