Terraced homes lead the way on house price growth
Across all of England and Wales, terraced homes have been the best performing property type, research from Proportunity has found.
Analysing the changing price per square metre of all properties sold in England and Wales since 2010, terraced houses saw average growth of 3.05%, ahead of semi-detached houses (2.90%), flats (2.35%) and detached houses (2.33%).
Greater London was home to the highest performing property types in all but one category over the past decade. The capital’s flats, terraced and semi-detached houses all outperformed their counterparts in other regions, with growth of 4.93%, 5.07%, and 4.33% respectively.
Vadim Toader, founder and chief executive of Proportunity, said:
“The 2010s were marked by the after-effects of the financial crisis, and then by Brexit uncertainty.
“Despite these headwinds, we have largely seen growth across the board but the clear winner is terraced housing, or more specifically, terraced homes in London, with buyers likely attracted to their historic characteristics and charm, as well as their limited supply, compared to new builds.
“Yet, despite their popularity, they are out of reach for many first-time buyers in the capital, with Help to Buy restricted to new-builds only, which are typically flats or semi-detached or detached houses.”
Flats in the North East performed the worst of any regional property type, with an average decrease in price of 0.5%.
Flats in Yorkshire and The Humber, and the North West also lost value over the decade, with 0.12% and 0.04% decreases annually.
Kindly shared by Property Wire