Two-bed terraced homes are the fastest-selling property type in England and Wales, with a sale agreed in just 27 days compared to the national average of 32 days.
This is according to research from Zoopla which also reveals that two-bed terraced homes have consistently been the fastest-selling home in more expensive regions like London and the East of England. However, they’re now also the fastest-selling property type in more affordable regions in the UK, signalling a shift in buyer requirements as a result of higher borrowing costs.
In the past three months, two-bed terraced homes were the fastest-selling property type in six of the ten regions in England and Wales. This property type is selling fastest in Yorkshire and The Humber (24 days), London (25 days) and The West Midlands (26 days).
Two-bed terrace homes are also appealing to various types of buyers. For first-time buyers, they remain a good value-for-money option for those with limited funds (the average two-bed terrace home asking price is £200,000 vs £275,000 for a two-bed flat).
Four-plus bed detached houses are currently the slowest-selling property type at a national level and although flats typically take longer to sell than houses, these are the fastest-selling property type in the North West, including in urban areas like Manchester, Liverpool and Warrington.
Commenting on the latest research Benham and Reeves director Marc von Grundherr said “Terraced homes are hot property in the current market and they tend to get snapped up very quickly for a number of reasons.
Middle ground home option
“Their primary appeal is the middle ground they offer between apartment living and larger homes. Whilst they tend to boast the same number of bedrooms as most apartments, it’s the greater degree of living space and that all important outdoor area that give them the edge, making them the ideal property for those looking to to take the next step to a more family suitable property.
He added: “Then there’s the price appeal, with terraced homes providing a far more affordable step up the ladder compared to other larger property types. With mortgage rates having increased notably in recent years, this appeal has only grown stronger as buyers have found themselves more restricted with regard to their purchasing power in the market.
“However, terrace home stock can be limited and when you couple this limited level of supply with their high appeal amongst buyers, the result is a very fast moving market.”
