Current market conditions have signalled an end to the 'race for space', according to Yopa.
The latest research by Yopa reveals that terraced homes are currently the most in-demand property type amongst buyers, while detached homes are the least in demand.
Yopa has analysed current housing market listings data to see which types of homes, from detached properties through to flats, currently have the highest level available stock, and which are most in demand from England’s homebuyers.
Flats are the most common property type listed for sale
Yopa’s analysis reveals that flats have the highest level of available stock, accounting as they do for 27.5% of all homes on England’s market today. Flat stock is at its highest in London (63.8%) and the South East (28.6%).
Detached homes account for 25.8% of all available stock, followed by semi-detached homes (23.5%). Terraced homes account for the smallest proportion of stock, making up just 23.2% of the market.
Buyer demand is highest for terraced homes
But while terraced homes account for the lowest level of stock, they are also the most in-demand property type in England, with 51.8% of current listings already finding a buyer.
This is well above England’s overall demand level which, for all homes of all types currently on the market, stands at 43.2%.
On a regional level, demand for terraced homes is at its highest in the North East where 55.7% are SSTC.
From this analysis, it’s clear that the ‘race for space’ that came during the pandemic, in which buyers were keen to secure larger, more spacious homes with generous gardens, is well and truly over.
The addition of higher mortgage rates in recent years and the higher price tag detached homes command has no doubt been a contributing factor.
Yopa’s National Franchise Director, Steve Anderson, commented: “While we may have seen a boom in demand for detached homes during the pandemic, today’s buyers appear to have their hearts set on terraced homes.
"There are a number of factors that might explain this shift in demand when it comes to the most popular type of homes on the market.
"First of all, our collective concern that another pandemic will soon force us into another period of lockdown has been alleviated.
"Then there’s the fact that more and more companies are calling employees back into the office at least on a hybrid basis which means the city exodus we saw in the COVID days is also reversing.
"And finally, of course, the rising cost of living and expensive mortgages mean that homes are less affordable than before which is causing buyers to look to more affordable property types when making their move.
"Terraced homes offer a great middle ground between space and affordability, but buyers need to act decisively because not only do terraced homes account for the smallest proportion of stock, but they are also attracting the highest level of interest in the current market.”