High Interest Rates push buyers into smaller property purchases

An online agency has analysed current housing market listings to see which types of home are most in demand from England’s homebuyers.

Yopa’s analysis reveals that flats have the highest level of available stock, accounting 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.

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 Sold Subject To Contract.

Semi-detached properties have the second highest demand at 50.2%, followed by flats (38.1%) and detached homes (34.6%).

From this analysis, it’s clear the so-called  ‘race for space’ 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.