(1888PressRelease)
March 24, 2007 - In fact, the average terraced property has more than tripled in value over the last decade, according to Halifax, seeing growth of around 229 per cent. Such properties are an attractive proposition for any investor, but especially those in the buy-to-let market, with rental income streams being underpinned by a good profit on resale, which would almost certainly be both quick and at market value or above, given the paucity of available properties on the market at the moment.
Terraces date back to the 17th century, when the term was first used to describe streets consisting of houses of a uniform height and appearance.
Originally, terraces were built for the gentry in affluent areas of London such as Belgrave Square. These were often designed so the whole row would appear to be one building, based on a Georgian palace, with the central houses usually having columns or pillars outside.
Terraced houses as we think of them today did not emerge until the Victorian period. With the industrial boom, a vast influx of new arrivals to the city needed housing, usually in close proximity to the industrial areas where they worked. Terraced housing was fixed upon as a solution and quickly spread throughout the UK. It was the chosen form of high density housing until the post-World War II period.
Despite the fact that many terraced houses are relatively old, research conducted in 2005 by English Heritage found that upkeep costs on a standard Victorian terraced house over a 30 year period are around 60 per cent lower than the cost of building and maintaining a new house.
A study undertaken in 2003 by Heritage Counts compared a Victorian terrace to a standard house built after 1980. the subsequent report concluded that "older housing actually costs less to maintain and occupy over the long-term life of the dwelling than more modern housing." This was attributed to "the quality and life-span of the materials used", which makes the Victorian terraced house "almost £1,000 per 100 m2 cheaper to maintain and inhabit on average each year".
So, with steady growth in value, favourable maintenance costs and the fact that many are, given their history as high-density housing, located near to town and city centres, terraced properties are certainly not to be overlooked by the canny investor.
