16
May
Terraced houses favoured by first-time buyers
Nationwide has found that terraced houses are the property type of
choice for first-time buyers.
According to the building society's research, 38 per cent of those
looking to get on the property ladder would choose a terraced
property over a detached house, semi or flat.
Currently, just over a quarter of all homes purchased in the UK are
terraced, but their traditionally lower prices have often made them
popular with first-time buyers.
Now however, Nationwide has found that the prices on such property
have risen sharply, increasing by more than 50 per cent to
£149,668 over the past five years.
Despite the steep incline in prices, terraced houses are still 17
per cent cheaper than the average price of a UK home.
Earlier this week, Nationwide announced that it was lowering the
rates on its mortgages in a bid to boost competitiveness.
