Three bed semi detached houses are the fastest selling property in the UK and semi detached properties achieve over and above their asking price, new research shows. Results from a survey of over 200 independent estate agents showed that over 78% sold a property in less than seven days in a six month period. Of those properties, 51% had three bedrooms and according to property type, 39% were semi detached properties, closely followed by terraced houses at 29.5%.
The data from property services specialist Move with Us also shows that semi detached properties topped the poll at 34.5% when estate agents were asked which property types were selling above the asking price in their area. Semi detached properties were followed by detached properties at 26% and terraced properties at 25%.
‘The move cycle has increased and home owners are staying in their properties for much longer. As a result, we are likely to see a trend emerging over the next 12 months or so of first time buyers who are looking for a three bedroom property rather than flat or a smaller house,’ said Robin King, director at Move with Us. ‘The next generation of first time buyers are opting to stay living with their parents for longer so that they can save up larger deposits and move into properties that they can grow into over the next 10 years or so,’ he explained.
‘Three bedroom semi detached properties have always been one of the most popular choices for families as well as the buy to let market and as such have always proven to be a solid investment,’ he added.
Meanwhile, research by Halifax Intermediaries Premier Mortgages team reveals that properties purchased above £250,000 made up 27% of total transactions in 2012 in the UK. Whilst the number of all home loans grew by 6%, mortgage applications for properties sold above £250,000 rose by 9% in 2012 compared to the previous year and up 28% since 2009 as lenders are offering increasingly competitive terms on deposits and interest rates.
Quote from PropertyCommunity.com : “Three bedroom homes are proving to be the most popular in parts of the UK at present with buyers actually competing for the same property, it has been revealed.”
‘It is no surprise that a large proportion of purchases above £250,000 are in Greater London and the South East. Traditionally we generally see a spike in clients reviewing their finances in the first quarter of the year, with this year being no exception,’ said Ian Wilson, head of sales at Halifax Intermediaries.
Over 145,000 properties above £250,000 were sold in 2012, with 59% being in Greater London, the highest, followed by the South East at 39%, with the least being made in the North at 9%.