Two-bedroom terraced homes remain a popular choice

Two-bed terraced homes are the fastest-selling property type in England and Wales for the sixth year in a row.

According to property portal Zoopla, this type of property sees a sale agreed in just 27 days compared to the national average of 32 days.

Zoopla’s time to sell measures the time between the property being first listed for sale and a buyer and seller agreeing a sale subject to contract – it takes several more months for these sales to complete.

Two-bed terraced homes have consistently been the fastest-selling home in both the east of England and London.

However, they’re now also the fastest-selling property type in more affordable regions in the UK, signalling a shift in buyer requirements as a result of higher borrowing costs.

In the past three months, two-bed terraced homes were the fastest-selling property type in six of the 10 regions in England and Wales.

And they also seem appealing to various types of buyers.

For first-time buyers, they remain a good value-for-money option for those with limited funds (the average two-bed terrace home asking price is £200,000 vs £275,000 for a two-bed flat).

And their primary appeal is the middle ground they offer between apartment living and larger homes.

Another key draw is that they are more centrally located in major towns and cities where space is limited, whereas larger semi-detached and detached homes are often found further afield.

This means that buyers can gain more space without the addition of a lengthy commute.

In this respect, they often act as the perfect stepping stone for those transitioning to the next stage of life, but who aren’t quite ready for the slower pace of life found in the suburbs.

Then there’s the price appeal, with terraced homes providing a far more affordable step up the ladder compared to other larger property types.

And, of course, many of them are very desirable, period homes.

Four-plus-bedroom detached houses are currently the slowest selling property type at a national level.

In general, time to sell varies from season to season and typically, homes sell a week faster in the first six months of the year.

Zoopla expects fewer homes to achieve a sale within 30 days in the second half of 2024.

Mortgage rates have fallen to an average of 4.5 per cent to five per cent which is enough to support more sales.

A reduction in the base rate later this year could boost market sentiment and support demand and the pace at which sales are agreed.

Izabella Lubowiecka, senior property researcher at Zoopla says: “The average UK home sells in 32 days after being listed for sale.

“This is faster than a year ago as market activity improves. Larger houses and flats take an extra week to find a buyer.

“Serious sellers who want to sell quickly should discuss this with their agent who can advise on best price to sell more quickly.”