The property market in England is showing a clear trend towards terraced houses as the most sought-after type of home. According to a new study conducted by Yopa, an estate agency, these compact yet charming homes are topping the list of must-haves for homebuyers across the country.

Yopa’s analysis of current housing market listings showcases a variety of available properties, from flats to sprawling detached homes. Yet, it’s the terraced houses that are scarce in availability but high in demand.

The Statistics Breakdown:

• Flats: Representing the largest share, flats make up 27.5% of all listings. London, in particular, sees the majority of these, with flats constituting 63.8% of its property market.
• Detached Homes: These come in next, accounting for 25.8% of the market.
• Semi-detached Homes: These make up 23.5%.
• Terraced Houses: Despite only making up 23.2% of the market, these homes are in high demand.

The Demand Dynamics

Terraced homes, while the least abundant in listings, have a significant pull among buyers, with 51.8% of such homes already snagging buyers at the time of the listing. This demand significantly overshadows the national average demand for all homes, which stands at 43.2%.

Regional insights show even more pronounced preferences:

• In the North East, a staggering 55.7% of terraced homes are marked ‘Sold Subject to Contract’ (SSTC), leading the demand across all regions.

Following terraced homes, semi-detached properties also show strong buyer interest at 50.2%. Flats and detached homes trail behind at 38.1% and 34.6% respectively.

Changing Tides in Homebuyer Preferences

The data reflects a noticeable shift in buyer priorities post-pandemic. The initial “race for space” that defined the early pandemic era has diminished. During those uncertain times, buyers leaned towards larger, detached homes, perhaps driven by the desire for more personal space and home offices during lockdowns.

Steve Anderson, Yopa’s National Franchise Director, provides insights into this shift:

• Pandemic Concerns: The widespread fear of enduring long periods locked down in homes has subsided, easing the demand for excessively spacious properties.
• Return to Work: More companies are bringing employees back to the office, at least on a hybrid basis, reducing the need for living far from urban centers.
• Economic Factors: Rising mortgage rates and the general cost of living have made affordability a key consideration. This economic pressure has revitalised interest in more budget-friendly terraced homes.

Why Terraced Homes?

Terraced homes strike a perfect balance between affordability and the need for space, which is increasingly appealing in today’s economic climate. However, prospective buyers are advised to move quickly. Terraced houses not only represent the smallest portion of the market but also attract the most interest, making them a hot commodity.