Forget lengthy house chains, two-bedroom terraced houses are flying off the market in less than a month!
According to property website Zoopla, these homes are in high demand, taking an average of just 27 days to sell. That’s almost a week quicker than the average house sale, which currently stands at 32 days.
For six years running, two-bedroom terraced homes have been the hottest property ticket in England and Wales. Compare that to larger detached homes with four bedrooms or more, which are taking an average of 40 days to shift.
Zoopla’s data highlights the point at which a sale is agreed between buyer and seller – known as ‘sale subject to contract’ – meaning the actual moving day is still some months away.
Location, Location, Location – Two-Bed Terraces Reign Supreme
It’s no surprise that two-bedroom terraces are popular in pricey areas like London and the East of England. But what’s interesting is their surge in more affordable locations, indicating a change in what buyers are looking for in the current economic climate.
Yorkshire and the Humber are seeing these properties snapped up in 24 days, with the West Midlands not far behind at 26 days.
Wigan, Manchester and Bristol Lead the Pack
Zoopla’s research revealed some hotspots within these regions. Wigan takes the crown for the fastest sale, with two-bedroom terraces being snapped up in a mere 17 days! Manchester and Bristol aren’t far behind, both averaging 19 days for a sale.
Why Are Two-Bed Terraces So Popular?
A few factors are driving the demand. Firstly, they’re a rare find, making up just 7% of available properties. This scarcity creates competition amongst eager buyers, pushing up demand.
Secondly, they offer fantastic value for money, particularly for first-time buyers facing a challenging financial landscape. The average asking price for a two-bedroom terrace is a much more achievable £200,000, significantly less than the £275,000 price tag for a two-bedroom flat.
Izabella Lubowiecka, a senior property researcher at Zoopla, advises: “If you need a quick sale, talk to your estate agent about the best price to achieve this. ”
Terraced Homes – The Perfect Blend of Space and Affordability
Marc von Grundherr, director of estate agent Benham and Reeves, explains: “Terraced homes are popular because they offer a middle ground between a flat and a larger house. They often have the same bedroom count as a flat, but with more living space and a garden, making them perfect for young families or those looking for more room.”
He adds: “Location plays a key role too. Terraced houses are usually found in central locations within towns and cities, making commuting easier than living further out in a bigger property.”
Finally, the price point is a major factor, as von Grundherr highlights: “Terraced homes offer a much more affordable step up the property ladder compared to larger property types.”
So, whether you’re buying or selling, it’s clear that two-bedroom terraced homes are a hot commodity in the current market.