16 May

Terraced houses favoured by first-time buyers

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.

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