Why the "Humble Terrace" is Punching Way Above Its Weight in BB12 This August
Imagine for a second that you bought a tiny, magic seed seven years ago. You planted it in your garden in Higham, another neighbour planted one in Simonstone, and someone else tucked one into a pot in Padiham. Today, you go outside to see how tall they’ve grown. You’d probably be shocked to find that while one tree is towering over the roof, another has barely sprouted a single leaf.
This is exactly what’s happening with homes across the BB12 postcode right now. Depending on the "type" of bricks and mortar you own, your house has been busy growing at a completely different speed to the one next door.
The Big Picture: Why is this happening?
You might hear the news talking about the "Base Rate" (which is currently at 3.75%) or "Inflation" (sitting at 2.8%). Think of these like the weather for our magic seeds. When the sun is too hot—or the wind is too strong—it’s harder for people to borrow money from the bank to buy a house.
Because it’s a bit more expensive to get a mortgage nowadays, people are being much choosier. In BB12, we are currently in a "Seller’s Market," which means there are more people wanting to move than there are houses for sale (we only have 171 homes on the market across the whole area!). This competition is keeping prices steady, even if the national economy feels a bit wobbly.
The Price Tag: What does a home cost today?
If you walked into my office today looking for a new front door key in BB12, here is what the "price tags" generally look like:
- Detached Houses: These are the big winners, averaging £317,261.
- Semi-Detached: A lovely middle ground at £183,713.
- Terraced Houses: The local favourites at £104,841.
- Flats: Usually the starting point at £81,900.
To put that in perspective, the jump from a terrace to a semi-detached is about £79,000. That’s essentially the price of an extra bedroom, a driveway for the car, and a bit more breathing room between you and the neighbours!
The 7-Year Race: Who won?
Did you know that if you bought a detached house in a spot like Fence or Higham seven years ago, your home is now worth a whopping £53,201 more than you paid for it? That’s like your house earning a full-time salary just by standing there!
But here is the surprise: The "humble" terraced house is the secret superstar of BB12. While detached homes grew by 20%, terraced houses grew by 17.9% (an extra £15,937 in value). Compare that to flats, which only grew by a tiny 1.7% (£1,381) in the same seven years. If you bought a flat back then, your "seed" has barely moved, but if you bought a terrace in Padiham, you’re sitting on a tidy profit.
Why are terraces doing so well?
It comes down to what people can afford. With earnings growing at 3.5%, but bank rates still feeling a bit "sticky," people who might have wanted a big semi-detached house are looking at terraces instead. They are the "sweet spot" of BB12—affordable enough to buy, but popular enough that their value keeps climbing.
Anthony’s Advice for BB12 Neighbours
- If you own a Detached home: You are sitting on the biggest pile of "extra value." Even with the economy being a bit slower, big family homes in places like Simonstone or near Dugdale Road are still highly prized.
- If you own a Flat: It’s a tougher spot. Growth has been slow because many first-time buyers are skipping flats and going straight for small houses. It might be worth holding on until rates drop further.
- If you are buying: The terraced house is currently the "best value" move. They have proven they grow in value almost as fast as the big expensive houses, but they don't cost the earth to run.
Looking ahead to the next 12 months, I expect the BB12 market to stay busy. As long as there are only 171 homes for sale, prices shouldn't drop. If you're looking for the best "bang for your buck," keep your eyes on those sturdy terraces!