The terraced house, particularly in Lancaster, has seen a resurgence in popularity, though one might argue it never truly fell out of fashion. Traditionally associated with Victorian Britain, these simple, two-up two-down properties are being rediscovered by modern buyers, particularly first-time homeowners, who are drawn to their affordability, practicality, and historical charm.
Recent research, such as data from Zoopla, shows that terraced houses are currently the fastest-selling property type in England and Wales, with two-bedroom terraces leading the market. On average, these homes sell in just 27 days, indicating their strong appeal. But what is driving this renewed interest, especially in Lancaster?
The Historical Significance of the Terraced House
Terraced houses have deep roots in British architectural history, dating back to the 1600s. They emerged after the Great Fire of London as a solution to urban housing needs, offering efficient, symmetrical designs that suited densely populated areas. In cities like Lancaster, these homes were often built to house factory workers during the Industrial Revolution. Their typical layout, with two reception rooms downstairs, two bedrooms upstairs, and a small kitchen, provided practical, if modest, living spaces.
Despite their simplicity, terraced houses have evolved over time, adapting to modern needs while retaining their original charm. Many of these homes, particularly in Lancaster, have stood the test of time, offering a unique blend of history and practicality.
Why Are Lancaster Buyers Turning to Terraced Houses?
Several factors contribute to the growing appeal of terraced houses in Lancaster. One of the primary reasons is affordability. With rising interest rates and tighter budgets, many buyers are finding that a terraced house offers better value compared to similarly sized flats. These homes often come with the added benefit of outdoor space, sometimes a garden, and no worries of noisey neighbours above, features that are particularly attractive in urban areas.
The post-COVID era has also shifted homebuyers’ priorities. The demand for outdoor space has increased, making terraced houses more appealing than flats, which often lack private gardens or yards.
Another important factor is ownership. Unlike leasehold flats, which come with additional costs like service charges and ground rent, terraced houses are typically freehold. This gives buyers full control over their property, without the complications of dealing with a management company.
Customisation and Added Value
Terraced houses also offer great potential for customisation and renovation, which appeals to many buyers. In Lancaster, it is increasingly common to see homeowners transforming run-down terraces into modern, stylish homes. Extensions, loft conversions, and open-plan layouts are some of the popular ways these properties are being updated to suit contemporary lifestyles. These renovations not only make the homes more liveable but can also significantly increase their value.
However, homeowners should be cautious not to overspend, as there is often a ceiling price for terraced houses.
The Lancaster Terraced Market
Terraced houses make up 37.1% of the homes in Lancaster, which is significantly higher than the national average of 22.5%. In contrast, flats account for 18.6% of the local housing market. The average price of a terraced house in Lancaster has risen from £45,442 in 1995 to £157,084 today, which is a whopping 347% increase!
In terms of time on the market, Lancaster’s terraced homes have an average sale time of 60 days, slightly faster than flats, which take around 65 days to sell.
Conclusion: A Timeless Choice
In conclusion, the Lancaster terraced house has remained a staple of the local housing market. With its combination of affordability, history, and potential for modernisation, it’s no surprise that these homes are once again in demand. For first-time buyers, downsizers, or anyone looking for a home with character and flexibility, the terraced house continues to be an attractive option.
If you are thinking of selling a terrace home in Lancaster, or indeed are looking to buy, please get in touch. At JDG we are here to help!
Thanks for reading
Michelle
