Terraced houses have increased in value by nearly £120-a-week over the last 10 years, making them the best-performing property investment in the UK. The typical price of a terrace house has risen 68% since 2001, soaring from £61,489 in the second quarter of 2001 to £151,332 in the second quarter of 2011. Compared to the average property increase of 53%, terrace houses have outperformed the market by 15%. We ask three of our property experts why the terraced house is such a good investment:
Neil Ryder, manager of Philip James Partnership’s Withington branch, looks after hundreds of student terraced houses:
“The student property market survives on terraced housing. The introduction of HMOs a couple of years back has helped to regulate the market and drive out disreputable landlords, leaving a strong healthy investment market for terraced houses. Our landlords love them because they’re easy to maintain and we never have a problem letting them. In fact we’re so confident about the student terraced house market that we’re introducing a range of new features from next year… watch this space!”
Philip Nolan, Philip James’ CEO knows only too well how good terraced houses are:
“My first ever property purchases in Manchester were terraced houses and they’ve proved to be excellent investments. The success of areas like Didsbury, Withington and Heaton Moor have been due to the quality of their Victorian housing stock, rather than their location, and we’re noticing a knock-on effect in areas to the south and east. Manchester terraces are so popular that we’ve recently expanded into Reddish and Edgeley”
Lee Kearsley, manager of Philip James Wilson’s Edgeley branch is confident about investing in terraced houses:
“Areas like Edgeley are full of solid Victorian terraced houses, and they have proved to be very popular in the last few years. The houses are well-built, sturdy and flexible too. People are too busy nowadays for large gardens, so the back yards of terraced houses in Edgeley are very popular. But it’s not only popularity that makes terraced houses such a good investment. Compared to other types of property, terraced houses compare favourably in price too. An average terraced property is 15% cheaper than the average house price of £177,740 and nearly 50% cheaper than the average detached home of £273,173.”
If you’re looking to buy a terraced house for investment or your main home, call Philip James today. We’ve got a wide-selection of excellent terraced houses for sale with prices from just £84,950.