Terraced houses are ubiquitous in many of our towns and cities and look to offer great value
. Is this type of property too good to be true?
Terraced houses are the UK's cheapest private market house type, often making them easily affordable for first time buyers and young families. And their increasing popularity has been matched by a steady increase in value. According to a recent Halifax price survey the price of a typical terraced house has risen by 239% in last 10 years compared to an average of 205% for other properties.
In addition to offering great value, this kind of property is easily saleable with this being the preferred property type for residential property investment by landlords. And by a long way.
Terraced houses can be cheaper to run. Most terraced houses have only two external walls which means that they are easier to insulate and keep warm with heat only escaping through the two external walls instead of four with a detached property. You will also find that most older terraced houses are solidly brick built which offers even better insulation properties.
But it is not all good news with a terraced house. There are some downsides.
You are quite literally living cheek by jowl with your neighbours and there can be a loss of privacy. It is always worth checking out the sound proofing before you buy and make sure you get on well with the neighbours on either side of you.
It is also likely that you will not have as big a garden as you might enjoy with other property types. Great from a maintenance point of view but maybe not if you have a young family or even pets and want to let them play freely in the garden.
Another potential downside is that most terraced houses have rear access to the property through an alley or a passage way. This can be a security issue so check if it is well lit or if access is restricted in any way to residents. These alleys can also become dumping grounds and neglected so make sure it's kept clean and clear.
This also means that, in the main, anything for the garden will have to come through the house which can at times be messy and awkward. And it is also likely that you will not have a garage or off street parking. This too can be tricky in many ways.
Finally remember that if you own a terraced house you share walls with your neighbours on either side. This means that any problems with water leaks, cracks and subsidence in your neighbours' properties might affect you too. And vice versa of course.
A terraced house can be a great buy dependent on your circumstances. They do make great homes for young families. As with any major purchase, all should be well provided that you keep your eyes open, you know what you are doing and you fully consider all the positives and the negatives.