South East London is becoming an increasingly popular area with home buyers, partly because of improved transport links. One type of property attracting many buyers is terraced housing – so what are the advantages and disadvantages of this type of house, and which is the best type of property survey when buying a terraced home?
There are various hotspots in this area of the capital where demand is expected to grow. At the moment, prices are still often considerably lower than in north London, which is an attraction for house-hunters. Blackheath, Dulwich, Ladywell and Brockley are among popular areas. Crossrail is likely to attract more commuters to the Woolwich area, while the proposed Bakerloo Line extension could lead to more demand in the Lewisham and Camberwell areas. There is also the possibility of a spur to Bromley, on the border with Kent.
There are many neighbourhoods in both South East and East London with a range of terraced houses from different periods, including Victorian and inter-war terraces. Older properties of this type can often be revamped to create the style you want.
Reasons to Consider Buying a Terraced Home
Both first time buyers and downsizers, for instance people who are moving into a smaller property on retirement, often favour terraces because they tend to be cheaper than other homes. In particular, end terraces often carry lower price tags than similar semi-detached homes. However, the value of this type of property has risen steadily over recent years. Terraced properties are also often purchased by buy to let landlords, both as an investment and because this type of property is in demand from rental customers.
Terraced homes have several advantages compared to other properties, in addition to price. Mid-terraces in particular are often energy-efficient compared to many other types of home, with greater warmth from being next to other houses. This means heating bills could be far lower than in a detached home. Also, terraces can be more secure than other types of property because, since they are enclosed by other houses, this makes it harder for an intruder to avoid being spotted.
Key Points to Bear in Mind When Choosing a Terraced Home
As with any property search, when looking for a terraced house in South East London, it is advisable to decide your priorities in advance. Location is likely to be your number one concern, but are you willing to be flexible and consider other nearby districts? When you find a specific house, it's a good idea to look at the neighbourhood and get to know it in detail.
Noise is often something that people worry about when buying a terraced house in London, because of the closeness to neighbours as well as any traffic issues. Check whether there is enough sound-proofing and insulation, something which may be more of an issue with some older homes built before modern building regulations applied. A property surveyor will bear these issues in mind when drawing up a report on the building.
Many terraced houses tend to have small gardens and limited outdoor space, and they may not have parking available. You need to think about how much of an issue this is for you, and check whether it is likely to be possible to arrange parking nearby if there isn't enough space for your household's vehicles.
Many areas of the London Boroughs now have restricted or resident only parking which can be in issue with regards parking costs and overnight or weekend visitors.
Parking arrangements could also be a key consideration if you are buying to let. Connected to this is the whole question of access, which can add complications with some terraced homes. For instance, do you need to go through someone else's outdoor space to reach some areas of your property, or is there a right of way through your own garden for neighbours?
As well as outdoor space, indoor space could also have limitations which you need to bear in mind. Some terraced houses have small rooms and narrow staircases, so it is worth thinking about how you can get your furniture in.
Getting a Survey
Buying any type of property, including a terraced house, is a major investment, so it is essential to arrange a proper survey. A full building survey is the best choice, because the surveyor is representing you rather than the lender, and you get far more information than from a valuation alone or even a Home Buyers Report. An expert RICS qualified Chartered surveyor will alert you to any potential problems, including looking at any shared areas or parts of the building where you adjoin other houses.
Anderson Associates reports also include a cost summary which provide costings for any issues found, which most buyers find very useful for a number of reasons. (Please see our main website for further information)
Anderson Associates are highly experienced in surveying terraced houses and all other types of property across Essex, Kent and East London. You may prefer a structural survey where there is any question about the structure of a building, or a snagging/new build house survey for the new terraced homes being built in some parts of south east London. We can also advise on which type of property survey would be best if you are unsure.
If you already own or are buying a terraced house and plan to build an extension or carry out other refurbishments, you may need advice regarding Party Walls matters. Anderson are experienced Party Wall surveyors and can advise you on this too. (Please see our main website for further information)
Property Survey South East London – Contact Anderson Associates for a quotation, or call 0800 652 8285 now.
