According to research by the Halifax Bank, the average price of a terraced home in the UK has increased by more than any other type of property in the past decade.
In 2001 the average mid-terrace home cost £89,843 and has now risen in value by £118 each week to a typical £151,332. This despite the property market doldrums of the last three years or so even.
Terraced properties are the most affordable home style and cost around 15% less than the average UK property. They are the most popular type too, representing 34% of all transactions, up from 31% ten years ago.
By contrast, detached houses have seen a reduction in sales since 2001, declining from 21% to 14% market share.
A reduction in availability of land and the resulting squeezing as much housing into that land as possible, could be responsible.
During the last Government, their planning guidelines worked to a presumption of development and to a higher density of housing per acre than ever. It became more viable for developers to build town houses and flats than detached homes. Parking amenity changed too, with John Prescott controversially undermining the need for a number of parking spaces per property whereby some developments, apartment sites in particular, required no parking spaces whatsoever. It was a maximum parking standards approach. Hence more flats were built because more units could be shoe-horned into each space and more profit made.
The planning regime in the UK is about to change though. Prescott’s planning philosophy of ‘pile ’em high’ is to be fundamentally changed to one of ‘let the community decide’.
Neighbourhood Development Plans, orchestrated by the local populous, will determine what should be built in local areas, should the imminent Localism Bill finally become law.
Maximum parking standards have already been cast aside to a degree nationally, in favour of minimum parking standards whereby, sensibly, each dwelling requires a certain minimum number of spaces. This will hopefully free up the pavements and verges the length of the country that have been blighted by parked cars as a consequence of the Prescott approach.
Ironically of course, Mr Prescott had several cars himself but also had several grace and favour homes and croquet lawns on which to park them. We suspect that he didn’t have to resort to using pub car parks to house the Jag(s) overnight?
Apologies. We’re not quite sure how a blog on the popularity of terraced houses during the 21st century ended up as one slating John Prescott? John, if you’re reading this we’re ever so sorry, but your ‘no’ parking idea was a pretty stupid one.