While the allure of the sleek modern flat may have dominated recent decades, the terraced house is proving to be a surprisingly attractive option for many - particularly for first-time buyers. According to recent research by Zoopla, terraced houses, in particular two-bedroom terraced homes, are currently the fastest-selling type of property in England and Wales, with an average sale time of just 27 days. So, what’s behind this resurgence, and is the same happening in Wolverhampton? Also, why are terraced houses, which some may have once considered outdated, now back in vogue?
The Terraced House - A Longstanding British Staple
The terraced house has deep roots in the UK’s architectural history, dating back as far as the 1600s when it was first introduced in the aftermath of the Great Fire of London. With their symmetrical design and efficient use of space, terraced houses quickly became a go-to solution for housing in urban areas. They provided a dignified alternative to the overcrowded slums of the Industrial Revolution, offering practical yet comfortable living arrangements for workers flocking to cities like London, Manchester, and Liverpool.
In cities such as Wolverhampton, where Victorian terraced houses are still a prominent feature of the local housing market, these properties once housed factory workers and their families.
Their typical layout - two reception rooms downstairs, two good-sized bedrooms upstairs (sometimes a third off the back bedroom or a converted loft) and a small kitchen or scullery to the rear - allowed for flexible living, even if modest by today’s standards. Yet despite their simplicity, they’ve managed to stand the test of time, evolving with the needs of their occupants.
Why Are Wolverhampton Buyers Rediscovering Terraced Houses?
Several factors are driving the renewed interest in terraced houses. One is price. As Wolverhampton buyers feel the pinch of rising interest rates and tightening budgets, many are realising that a two-bedroom terrace often offers better value than a similarly sized flat. Buyers are attracted by the fact that they can often have an entire house for the price of a flat, complete with a garden, their own front door, and no shared floors with noisy neighbours upstairs. These are benefits that flats simply can't compete with, especially in densely populated urban areas in London, Manchester and Birmingham.
Post-COVID priorities have shifted the focus toward homes with outdoor space, and the humble terraced house often comes with some yard/garden space, even if it is usually on the small side. This is appealing not just to first-time buyers but also to those looking to escape the claustrophobia of apartment living. Additionally, the cladding crisis, brought to light by the awful Grenfell Tower disaster, has caused many to lose confidence in some modern flats, turning instead to the more traditional Victorian terraced home.
Another factor is the freehold nature of most terraced houses. Unlike leasehold flats, where buyers must contend with service charges, ground rent, and sometimes unreliable management companies, a freehold terrace gives buyers full control over their property, which is a huge plus for many.
Transforming Spaces and Adding Value
Terraced houses also offer a significant potential for customisation and renovation. Stories of buyers transforming run-down Wolverhampton terraces into modern masterpieces are increasingly common. I have seen many terraced homes with the addition of a contemporary extension, the homeowner has not only made the home liveable but has also increased its value significantly (although be careful you don’t spend too much as there is a ceiling price for a terraced house). For many Wolverhampton home buyers, especially those with an eye for design, these houses offer the perfect balance of history and potential for modernisation.
Extensions, loft conversions, and open-plan layouts are just some of the ways Wolverhampton terraced homeowners are reconfiguring their homes to suit contemporary lifestyles. These renovations often add both space and value.
The Wolverhampton Terraced ‘Scores on the Doors’
According to my analysis, terraced houses represent 17.3% of the homes in Wolverhampton - lower than the national average of 22.5%.
For comparison, Wolverhampton apartments/flats represent 20.9% of Wolverhampton homes.
Next, let’s look at the house prices of the Wolverhampton terraced home.
Between 1995 and today, the average price of a terraced house in Wolverhampton has risen from £31,778 to £163,071 (an impressive rise of 413%), interesting when the overall Wolverhampton average rise is 402%.
Finally, in the last 3 months the average Wolverhampton terraced home has taken 44 days from the property going on the market to achieving a sale, impressive when compared to 101 days for Wolverhampton flats.
A Bright Future for the Wolverhampton Terraced House
In conclusion, the Wolverhampton terraced house has never truly fallen out of favour. While it may have been overlooked at times, especially as modern flats and larger detached homes grow in popularity, the terraced house has always been a reliable, affordable, and adaptable choice for Wolverhampton and British buyers. With its combination of history, practicality, and untapped potential, it’s no surprise that this humble house is once again becoming a mainstay of the national housing market.
For first-time buyers, those seeking to downsize, or anyone looking for a flexible home with character, the terraced house may just be the perfect fit!
