Has the humble Norwich terraced house had its day?
PUBLISHED: 18:22 22 May 2019 | UPDATED: 18:23 22 May 2019
They used to be the ‘des res’ if you were starting out in life or a safe bet for an investor. So why aren’t terraced houses as popular as they used to be?
Agents are seeing the popularity of Victorian terraces - once a DIY dream - dwindle as first time buyers are choosing better value new builds in out of town or city locations instead. Meanwhile 'accidental landlords' aren't snapping up terraces as buy-to-lets because of increasingly costly government legislation and Brexit concerns.
Steve Pymm, managing director at Pymm & Co, said: "Give me bungalows to sell in Costessey, Hellesdon, Old Catton and Thorpe St Andrew, give mea a three bedroom semi in a good school location, on a a modern housing estate or a village. I can't sell them quick enough.
"But the bottom has just fallen out of the buy to let market. Investors have been hit by the 3% stamp duty surcharge and can't claim tax relief on their mortgage interest payments. Then there's Brexit which has caused many people to sit on their hands."
In a list of the top 10 most searched homes on Zoopla, no terraced houses featured in the list with the most looked at being a three bedroom semi on Larkman Lane for £180,000 followed by a two bedroom flat on Kinghorn Road, off the Avenues in the Golden Triangle, for £85,000.
Nick Taylor, chairman of the NDAEA, Norwich & District Association of Estate Agents, and MD at Hadley Taylor, said terraces were still popular but there was a lack of activity in the market.
This is due, in part, to no end in sight with regards to Brexit rather than Brexit itself. Younger people are attracted to new build. This is for many reasons; some young people don't want a 'doer-upper.'
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"New houses are easy, you just move in and call for a take-away. Financially, young people would be much better off buying a mature property in a mature neighbourhood rather than a poorly built new home on an out of town estate."
In today's house price data for March 2019 from the ONS, Office for National Statistics, terraced houses saw the second worst price increase compared with 2018 of just 0.6% compared with semi detached homes which went up by 2.6% and detached, by 2.1%, the worst being flats at 0.2%. The average price of a home in the East of England was now £286,611, down by 1.1% compared with the previous month but with no change compared with last year. The national average house price was £226,798 with prices down by 0.2% compared with the previous month but up by 1.4% compared with 2018.
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