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Buyers Want Terraced Homes

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Mon 03 Jun 2024

Buyers Want Terraced Homes

If you are looking to sell your home, it is vital to know what buyers are looking for. At Coakley & Theaker, we know the Bury St Edmunds market inside out. We have considerable experience here, and we work closely with buyers and sellers. We also stay in touch with what is happening in the market, which means we are perfectly placed to assist you.

Study shows what buyers are looking for

Recent research by Yopa reveals terraced homes are currently the most desired property type among buyers, whereas detached homes are the least favoured.

Yopa's analysis of housing market listings shows flats dominate the market, accounting for 27.5% of all homes for sale, particularly in London (63.8%) and the South East (28.6%). Detached homes represent 25.8% of available stock, followed by semi-detached homes at 23.5%, and terraced homes at 23.2%.

Despite their lower availability, terraced homes are the most in-demand, with 51.8% of listings finding buyers, compared to an overall demand of 43.2%. In the North East, demand for terraced homes peaks at 55.7%.

Semi-detached homes have the second highest demand at 50.2%, while flats and detached homes lag behind at 38.1% and 34.6%, respectively. The preference shift from larger homes, driven by higher mortgage rates and costs, is influencing buyer choices.

No denying many buyers love a terraced home

Yopa’s National Franchise Director, Steve Anderson, commented: “While we may have seen a boom in demand for detached homes during the pandemic, today’s buyers appear to have their hearts set on terraced homes. There are a number of factors that might explain this shift in demand when it comes to the most popular type of homes on the market.”

Steven Anderson continued by saying: "First of all, our collective concern that another pandemic will soon force us into another period of lockdown has been alleviated. Then there’s the fact that more and more companies are calling employees back into the office at least on a hybrid basis which means the city exodus we saw in the COVID days is also reversing. And finally, of course, the rising cost of living and expensive mortgages mean that homes are less affordable than before which is causing buyers to look to more affordable property types when making their move.”

Yopa’s Steve Anderson concluded by saying: “Terraced homes offer a great middle ground between space and affordability, but buyers need to act decisively because not only do terraced homes account for the smallest proportion of stock, but they are also attracting the highest level of interest in the current market.”

In Bury St Edmunds, according to Rightmove as of the end of May 2024, there were 313 properties listed for sale, and this includes 93 terraced properties. (There were 99 flats listed for sale and 45 semi-detached properties.) At this point in time, terraced properties account for 29% of the Bury St Edmunds stock.

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.