Nationwide: Terraced houses popular with first-time buyers

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Nationwide: Terraced houses popular with first-time buyers

Research by Nationwide has identified terraced houses as the preferred choice of people hoping to get a foot on the property ladder.

The building society claims 38 per cent of first-time buyers will choose this type of accommodation over other types including detached houses, semis and flats.

In all, just over one quarter of homes purchased in the UK are terraced but their generally smaller size and lower prices make them especially attractive as first houses.

However, it's not all good news for potential buyers as growing demand for terraces has been coupled with a price surge on the properties.

Over the last five years their average cost has increased by more than half to £149,668 according to Nationwide figures, although these properties remain 17 per cent cheaper than the average price of UK homes generally.

Nationwide's property research on first-time buyer trends comes in the same week the firm announced lowered rates on its mortgages as it tries to boost competitiveness in a market struggling with the credit crisis.
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