Mid-sized homes are by far the most in-demand on today’s property market, while the appetite for detached homes has reduced in the face of heightened mortgage costs, latest research from over-50s property specialists Regency Living reveals.
Regency Living analysed buyer demand data for each property type in the current market and found that buyer appetites are strongest for mid-sized homes, with half of those currently listed on the market having already sold subject to contract (SSTC).
Demand for terraced homes sits at 50.3%, while demand for semi-detached properties has reached 50.2%.
In contrast, detached homes aren’t proving as popular. Across England, only 34.4% of them have found buyers.
STRONG DEMAND
Demand for semi-detached homes is at its strongest in Bedfordshire (61.5%), Tyne & Wear (60.9%), and the City of Bristol (59.6%), while demand for terraced homes is highest in South Yorkshire (60.6%), Greater Manchester (59.7%), and Bedfordshire (58.9%).
However, some areas of the market are still home to a robust level of demand for larger detached properties.
Demand for detached properties is strongest in the City of Bristol, Bedfordshire, and Berkshire where 49.1%, 43.6%, and 42.5% of available properties are already SSTC.
HOMES SHORTAGE
Tim Simmons, Sales and Marketing Director at Regency Living, says: “There is always going to be a high level of demand for larger family homes as those looking to progress up the property ladder look for suitable properties to help them lay firmer foundations on which to build a family
“In fact, one issue that has plagued the market historically is a shortage of such homes, particularly given that many older homeowners aren’t downsizing until far later in life.
“However, stubbornly high house prices, expensive mortgages, and increased levels of stamp duty appear to be forcing family buyers to opt for mid-sized homes in the current market, such as terraced and semi-detached properties, instead of the more expensive detached properties.
“As a direct result of this, we’ve seen a rise in the number of people wanting to downsize from larger detached homes, but have been unable to do so due to low demand for such properties at present.”
