Terraced houses increasing in popularity, finds N&P
The popularity of terraced houses grew faster than that of detached or semi-detached houses in 2004, N&P has found.
11:25 11 January 2005
The popularity of terraced houses grew faster than that of detached or semi-detached houses in 2004, Norwich and Peterborough Building Society (N&P) has found.
According to the building society the number of loans taken out for terraced homes increased by two per cent over the course of last year. In the same period N&P witnessed a three per cent fall in the number of loans for detached properties.
These findings are backed up by the latest figures on property completions from the Office of the Deputy Prime Minister.
Released yesterday, these pointed to rising prices for terraced houses in November, as detached houses fell in value.
"Terraced properties made a comeback in 2004. This type of property tends to keep its attraction because they remain relatively affordable," said Stephen Penlington, N&P's general manager for customer service.
He added: "Smaller terraces keep a steady pace compared with detached properties, which become less affordable, when house prices rise as much as they did last year.
"This is illustrated by the fact that the popularity of detached properties dropped by nearly three per cent in 2004, compared to 2003. The small terraced house remains good value for money."
However, despite recent falls, detached properties are still the most popular choice for home loans, with semi-detached houses second, N&P revealed.
Detached properties made up 37.13 per cent of N&P's total lending in 2004, with 31.19 per cent of loans going to people buying semi-detached homes.
Terraced properties represented 24.24 per cent of N&P's lending last year, up from 22.55 per cent in 2003.