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Detached property mortgages most popular

January 5, 2007 by admin  
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Detached properties remained the most popular among home buyers throughout 2006, according to new research.

Figures released by Norwich and Peterborough Building Society show that more people took out mortgages on detached homes than any other type of property.

The East Anglia-based firm recorded an increase in figures for 2006 compared to 2005, with a one per cent increase in the number of people buying a detached property.

In contrast, the number of buyers who applied for a mortgage on a semi-detached home fell by two per cent, meaning semi-detached mortgages accounted for 30.41 per cent of total loans (5.22 per cent less than detached).

“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,” commented Martin Bell, head of residential lending at Norwich and Peterborough.

Terraced houses once again fared the worst in the figures, with only 25.52 per cent of mortgages taken out to buy one, signalling a fall of 0.51 per cent compared to 2005.

Tags: business, bigger garden, fewer problems, privacy, semi-detached home, finance

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