Homebuyers opt for the terraces
The number of loans taken out by N&P customers on terraced homes increased by nearly 2% during 2004. This compares to a reduction of nearly 3% on detached properties. However, detached remains the most popular choice for N&P homebuyers, followed by semi-detached properties, with terraced homes ranked third.
Stephen Penlington, N&P’s general manager for customer service, said: “Terraced properties made a comeback in 2004. This type of property tends to keep its attraction because they remain relatively affordable. Smaller terraces keep a steady pace compared to 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 3% in 2004, compared to 2003. The small terraced house remains good value for money.”