Who wants a place on the property A list?

Rural insurer NFU Mutual has issued a warning to owners of listed properties that they need specialist insurance for their homes. Although four in ten people would consider buying a listed property, worryingly, 37 per cent do not know that they would need extra insurance.

Character and charm the greatest appeal

NFU Mutual’s survey found that 80 per cent of respondents who would consider buying a listed property cited the property’s character and charm as a reason.

Boasting rights is paramount for some, with a fifth (22%) of 25 to 34 year olds saying they would like the status of owning a listed property. This is less important for the over 55s though, with just 15 per cent saying they are interested in status. There is also a regional difference – just 4 per cent of Scots are interested in status compared to 23 per cent of people in Wales and the Midlands.

Listed properties – more trouble than they are worth?

Despite the romantic dream, 35 per cent of people would not even consider buying a listed property with DIY and home improvement being the main reasons.

Seven in ten people prefer to have the freedom to make changes to their home and more than half (55%) of those not interested in buying a listed property think that too much maintenance is required.

Londoners (62%) and those in the South (62%) are also particularly reluctant to buy a listed property due to having to maintain it.

Ensure you have the right insurance

NFU Mutual warns that listed properties are particularly vulnerable to not having adequate buildings insurance, due to their age and specialist nature. It can often be impossible to assess the correct rebuilding value without an on-site visit by a Trained Valuer.

Laura Wood, spokesperson for NFU Mutual said, “No one should rely on printed tables when trying to place a rebuild value on their property as no two listed properties are the same, this uniqueness being the reason for their listing.

“It is a common misunderstanding that the rebuilding cost of a listed property has any correlation to its market value. On occasions the rebuild cost can in fact far exceed its market value. Per square metre, rebuild costs can sometimes be four times greater than an average modern (post war) property.

“Care should always be taken when choosing insurance for listed buildings. It is not a one-size fits all approach and owners of listed properties are urged to seek specialist advice and regularly review their insurance arrangements.”