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Two-bedroom terraced homes remain the fastest-selling property type in England and Wales, flying off the shelves in less than a month typically, according to a property website.
Zoopla said that this property type has been the fastest to sell for six years in a row, taking 27 days on average to be snapped up by buyers.
This is five days faster than the average selling time for homes generally of 32 days.
By contrast, bigger detached homes with four bedrooms or more take 40 days to sell on average, Zoopla said.
Zoopla’s time to sell measures the time between the property being first listed for sale and a buyer and seller agreeing a sale subject to contract.
It takes several more months for sales to complete.
Two-bed terraced homes have consistently been the fastest-selling home in more expensive regions such as London and the East of England.
But they are now also the fastest-selling property type in some more affordable regions, signalling a shift in buyer requirements amid the higher borrowing cost environment, Zoopla said.
This property type is selling fastest in Yorkshire and the Humber (24 days), and the West Midlands (26 days).
Their primary appeal is the middle ground they offer between apartment living and larger homes— Marc von Grundherr, Benham and Reeves
Zoopla found two-bed terraces are shifting particularly fast in Wigan, at just 17 days on average, as well as in Manchester and Bristol, where the typical time to sell is 19 days.
Two bedroom terraced homes have made up only 7% of property listings generally over the past three months, with their relative rarity driving competition among buyers, Zoopla said.
They also offer value for money for groups such as first-time buyers with limited funds. The average two-bedroom terraced home asking price is £200,000, compared with £275,000 for a two-bedroom flat.
Izabella Lubowiecka, senior property researcher at Zoopla said: “Serious sellers who want to sell quickly should discuss this with their agent who can advise on best price to sell more quickly.”
The Bank of England base rate edged down slightly last week, from 5.25% to 5%, easing costs for some borrowers.
Marc von Grundherr, director of estate agent Benham and Reeves said: “Terraced homes are hot property in the current market and they tend to get snapped up very quickly for a number of reasons.
“Their primary appeal is the middle ground they offer between apartment living and larger homes. Whilst they tend to boast the same number of bedrooms as most apartments, it’s the greater degree of living space and that all important outdoor area that give them the edge, making them the ideal property for those looking to to take the next step to a more family suitable property.
“Another key draw of terraced homes is that they more centrally located in major towns and cities where space is limited, whereas larger semi-detached and detached homes are often found further afield.
“This means that buyers can gain more space without the addition of a lengthy commute. In this respect, they often act as the perfect stepping stone for those transitioning to the next stage of life, but who aren’t quite ready for the slower pace of life found in the suburbs.
“Then there’s the price appeal, with terraced homes providing a far more affordable step up the ladder compared to other larger property types.”
