There are some downsides, but most people on the UK would prefer houses that were 100+ years old. In the village I live in the houses immediately around me are "only" 50 years old. Most of the ones on the main street are well over 100 years old.

Housing tastes don't really change that much. Yes over the years we've had to fit things like double glazing and better insulation but that's a whole lot cheaper (and better for the environment) than building a whole new building.