Detached properties 'the popular choice'
03-Jan-2007
Homeowners, including first time buyers, still prefer to buy a detached house above other types of property, claims a building society.
Detached homes were the most common property purchase by first time buyers as well as second movers who secured a mortgage with the Norwich and Peterborough Building Society last year.
According to the lender, 35.6 per cent of all its home loans in 2006 were provided for detached houses, in comparison to 30.4 per cent for semi-detached properties and 25.5 per cent for terraced homes.
"Customers do look on their home as "their castle" and prefer the greater privacy that a detached property offers, along with the benefits of perhaps a bigger garden and fewer problems with noisy neighbours," remarked Martin Bell, head of residential lending with the firm.
In addition, the company revealed that while the number of mortgages secured on detached properties was up from 2005, the percentage share for semi-detached houses had fallen by almost two per cent from the previous year.
Last week a spokesperson from Savills estate agency told the Times that buy to let landlords should this year consider buying "high-quality family homes" such as detached properties rather than competing with others for new-build apartments.
For advice on first time buyer mortgages or to find out how much you can borrow and how much it would cost you, contact a good
mortgage brokerFor our first time buyers guide to buying a property
click here
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