Fifty-seven per cent of estate agents across the UK are experiencing a shortage in the number of semi-detached homes currently available for sale. This is followed by bungalows, with 53% of estate agents believing there is a shortage and 48% reporting a lack of terraced homes.
The research, which was conducted by Move with Us, home of the UK’s largest network of independent estate agents, also found there is a shortage of three bedroom properties in the current market. Forty-nine per cent of estate agents across the country reported a shortage.
Unsurprisingly, three bedroom semi-detached properties have sold the best in the last six months. Forty-seven per cent of agents agreed semi-detached were the most sought-after properties and 66% have found three bedroom homes to be the most popular.
Data from Move with Us in association with home.co.uk shows that the average selling time for a three bedroom semi-detached property in Britain is just 71 days. This is 55 days faster than the national average selling time for all properties. Three bedroom semi-detached houses are currently selling the fastest in Ashtead, Surrey, where in the postal district KT21, they are selling in an average of six and a half days.
Robin King, Director at Move with Us commented: “The age of the first time buyer has been increasing over the years and with the 5% deposit brought about by the Help to Buy scheme, many home buyers are now opting to purchase three bedroom properties as their first home. They’re skipping the first rung of the property ladder, forgoing the starter home and moving straight into a property that they can grow into.”
“There are also those second steppers that until recently were stuck in starter homes due to the drop in equity the financial crisis caused. Often this type of home mover will also be looking for a three bedroom property.”
“Three bedroom semi-detached properties have always been one of the most popular property type and are typically a solid investment.”