With the average price of a new detached home recorded as £307,875 in September, young families are turning to more affordable townhouses which offer a similar amount of internal space but are currently £63,000 less than the price of a detached home of similar size.
Townhouses have experienced the biggest growth over the last year and now make up 10 per cent of the new homes mix – up 3 per cent since the same time last year. However, prices remain competitive and in the current market, home buyers can purchase a new townhouse for less than they would have been expected to pay at the same time last year.
The townhouse is not only popular with buyers, it’s proving a hit with developers too, who are under constant pressure from the government to build high density developments, maximizing on space. With the majority of townhouses spread over three stories, developers are able to build “up rather than out” spreading the same amount of internal floor space you would find in a typical detached home over more floors.
David Bexon, managing director at SmartNewHomes.com, said: “Townhouses offer the perfect solution for growing families, with bonus rooms and additional floors families can be more creative with the space, often choosing to convert the third floor into an additional bedroom, an office space or a playroom and have more en suites.
“Detached homes are still in demand but they currently make up just 24 per cent to the new homes mix with resulting prices that are pushing them out of the reach of young families. While many new home buyers are turning to semi detached homes and townhouses as a more affordable option this continued fall in the number of detached homes needs to be addressed. Government must revise its planning policy now to ensure that this property type does not become a minority purchase.
“While the demand for townhouses has grown over the last year, so have the number of developments coming onto the market, enabling developers to maintain prices experienced at the same time last year.
“Townhouses appeal to a wide range of home buyers from young families and first-time buyers to retirees looking to downsize. With prices having remained relatively stable over the past year, now is a good time to buy as their increasing popularity will undoubtedly lead to steeper prices in 2007.”
