There are many different types of property available in the United Kingdom, as the housing market is quite diverse. As with everything on the market, each type of property serves its purpose, depending on various factors. This includes how many people would live in the house, how much maintenance cost you can bear, among other things.
It can be really confusing for first-time buyers to navigate across the property market and find the best option for them. It all comes down to careful planning and precious advice you can get. Even if you are not a first-time buyer, you have to buy the property which suits your specific requirements.
In this article, we will explore all the different kinds of property one can invest in this year. We will see all the different types of properties available, and who should go for these.
The main types we will look into are flats, terraced homes, semi-detached and detached properties. According to traditional estimates, the most popular property type in England and Wales is the semi-detached type. On the other hand, flats surprisingly make up the least popular property type, and their average price is also much higher!
Are you someone looking to let, sell or buy property in the United Kingdom? Then you can opt for these estate agents in the UK to book a free no-obligation sales and lettings valuation to help you out with your property deals.
Flats are single-level residential properties, all in the same building complex. They are stacked on top of the other, which sort of affects their popularity due to the common indoor communal area where the entrance lies.
These are considered the starter packs in property terms! The demographic which mostly goes for flats consist of students, youngsters, singles and small families. The average flat is pricier than other viable options like semi-detached properties, yet, some flats can be quite affordable, due to factors like internal area and neighborhood.
Flats are the most common option when it comes to living in the middle of hustling and bustling metropolises, like London. If you wish to simply get your foot in the door of the property market, you can go for flats. This type of property is also a good option if you’re considering a buy to let property investment as tenant demand is high for flats with people wanting to live in the city.
Terraced house refers to each of the identical houses in continuous rows, which are common in middle-class neighborhoods, and old industrial towns. Every single house shares walls on both sides, thus there are no lawns on the sides, only at the front and back.
These can be quite spacious, which makes them popular among families and retirees. Terraced houses can either be a single house spanning two stories or converted flats on each floor. The converted flats are pricier than purpose-built flats in complexes.
The houses on either end of the rows are known as End-of-Terrace houses, and their floor plan can be considerably different. This is taking into cognizance that there is room for windows on the free side. The end-of-terrace houses are much costlier than the ones in the middle.
These houses share a single wall or side with another similar property, both of which are built-in pairs. They are like end-of-terraces in this respect.
As we have already discussed, semi-detached properties are the most preferred type of property for homebuyers. They make up about 31.4% of the total housing stock. So, semi-detached properties are also the easiest to find, and their average prices are under £253,000.
Detached properties usually are the “dream houses” people often talk about. These houses, as the name suggests, are completely independent of other houses, and are single-standing properties.
These can be quite expensive due to the high levels of privacy offered, and also due to the spacious interiors. It might not be suitable for entry-level homebuyers, as buying one can burn quite a big hole in one’s pockets.
Bungalows are part of detached properties, but we have stated them differently because of how sought-after they are in the suburban market. They span across a single story and are much larger than other single-story options like flats.
Traditionally, bungalows consist of sloping roofs. Those which have expanded into the second story through roof conversion are called Chalet-Bungalows.
Bungalows cover a good expanse of land, hence you are not simply buying a house, but also the property in its immediate whereabouts. Bungalows these days are mostly older properties, as they don’t get built very often these days.
Cottages were once the properties that were the main housing for laborers and farmhands. These days, cottages and cottage-style houses in the countryside have formed a niche of their own. This is because of how quaint and rustic they look.
Cottages are the go-to option for people seeking to invest in holiday homes, either for themselves or to rent out in the tourism sector.
On An Ending Note
With each passing generation, a new type of housing property takes over the market. This is due to the increase in living costs and property prices, and of course, the preferences of buyers. There is constant leaning towards smaller, more economically and ecologically viable properties these days.
With any financial and property transactions, there come many things which you need to legally sort out. We advise you to consult professionals with experience in the property market and make good use of their recommendations. A good real estate agent will suggest houses for you from the cream-of-the-crop, thus, helping you find your ideal home!
Thus, do consider hiring a good legal advisor and property agency to be able to navigate your property transactions smoothly and efficiently!
Alex Grogoyan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in popular platforms such as Spruce Home, Better Homes & Garden, and more.