If you live in this incredible city, then you will know that Terraced Housing is still a prominent feature of the local housing market. Once considered a relic of the past, the simple and unassuming two-up two-down terraced house was a hallmark of Victorian Britain. This style of housing is still prominent across much of the country, especially in industrial cities, and often, many of these houses have now added a third room via extension or loft conversion.
While the sleek modern flat has been the dominant housing trend in recent years, the terraced house is proving to be an attractive option again for many home buyers, particularly first-time buyers. According to recent research by Zoopla, two-bedroom terraced homes have become the fastest-selling type of property in England and Wales, with an average sale time of just 27 days. So, what’s behind this? Is the same thing happening in Bath?
A LONGSTANDING STAPLE OF THE HOUSING MARKET:
The terraced house has deep roots in the UK property market, with its design dating back to the 1600s. With a symmetrical design and efficient use of space, terraced housing has become a go-to solution for British housing within urban areas. The typical layout of these houses is two reception rooms downstairs and two good-sized bedrooms upstairs, with one or two bathrooms and a practical kitchen at the rear. This layout, modest by today’s standards, still provides flexibility and simplicity.
WHY ARE BATH BUYERS REDISCOVERING TERRACED HOUSES?
Several factors are influencing the renewed interest in the market. One is the price. As buyers in Bath are feeling the impacts of inflated interest rates and ever-tightening budgets, many are realising that a two-bedroom terraced home provides better value for money than a similarly sized flat. Buyers are attracted by the fact that they can often have an entire house for the price of a flat and they gain a private garden space with this too. Especially in densely populated areas, the lack of neighbours above and below, a private entrance and often private parking are features that flats can not compete with.
TRANSFORMING SPACES AND ADDING VALUE:
Those who are first-time buyer often look for opportunities within their purchase to personalise and create their dream first home. Terraced housing provides the perfect foundation for a first-time decoration or renovation project. Within Bath in particular, purchasing a run-down terraced and transforming it into a beautiful masterpiece of a home has become increasingly popular. Contemporary extensions to the rear or into the roof have become a staple of terraced home renovations. Not only does this add value to the property but to those living there is it makes the home increasingly livable and gives flexibility to many first-time buyers to think about families. Alongside this, given the increase in flexible working, the ability to create a home office within these houses is becoming more valuable.
THE STATS:
Terraced houses represent 32.3% of homes in Bath, higher than the national average of 22.5%. For comparison, Bath apartments/flats account for 31.7% of homes in the city.
Between 1995 and today, the average price of a terraced home in Bath has risen from £65,707 to £538,883 – a steep rise of 720%. This increase in price is further highlighted as it is well above the average percentage increase overall of housing across the city of 597% between the same period.
Finally, in the last 3 months, the average terraced home in Bath has taken 31 days from the property going on the market to achieving sale. Impressive when compared to the average time of 53 days for Bath flats.
LOOKING INTO THE FUTURE:
While it may have been overlooked at times, especially as modern flats and larger detached homes grow in popularity, the terraced house has always been a reliable, affordable, and adaptable choice for Bath and British buyers. With its combination of history, practicality, and untapped potential, it’s no surprise that this humble house is once again becoming a mainstay of the national housing market.
For first-time buyers, those seeking to downsize, or anyone looking for a flexible home with character, the terraced house may just be the perfect fit!
