Terraced housing increasingly popular

5th January, 2006

The number of people buying terraced houses increased last year, according to a building society.

Norwich & Peterborough (N&P) found that although terraced housing is only the third most popular type of property with its borrowers, the proportion of its total annual lending that went on this type of property rose by nearly two per cent in 2005.

This meant that terraced properties represented 26.09 per cent of its total lending in 2005, and head of banking and mortgage operations, Paul Rippon, says that their relative cheapness gives them a growing appeal.

He said: 'Terraced properties continued to make a comeback in 2005. The number of loans on this type of property, the Coronation Street-type terraced house, increased by nearly two per cent in 2004 and again in 2005.

'This type of property tends to keep its attraction because they remain relatively affordable. The small terraced house is good value for money.'

Ahead of terraced housing as the most popular type of property with N&P borrowers in 2005 were the detached house, which accounted for 34.89 per cent of its lending, and the semi-detached, which accounted for 32.17 per cent.

However, whereas semi-detached properties enjoyed a boost in popularity and were up as a proportion of total lending by nearly one per cent, detached housing suffered, dropping by over two per cent.

Whatever kind of house you buy it is important to make sure you have home insurance. By searching online you can find a number of cheap home insurance quotes.

 

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