A Shift in Types of Romford Properties Purchased Over the Last Two Years
The Romford property landscape is constantly evolving, shaped by societal, economic and cultural factors.
The type of properties people have bought in the last few years since Lockdown One has undergone some subtle changes, reflecting shifting preferences and lifestyle choices.
This article explores the transformations in property purchasing trends over the last two years compared to the long-term, almost three-decade average, with a focus on Romford detached houses, semi-detached houses, terraced houses and apartments.
Romford Detached Houses: A Shift Towards Modernity
Detached houses, long considered the epitome of homeownership, have witnessed a transformation in Romford buyer preferences. They still hold significant appeal, particularly for Romford families seeking privacy and ample space, the demand for Romford detached properties in the last couple of years has increased, when compared to the previous average of the last three decades. This shift started before lockdown and can be attributed to several factors, including changing demographics, the way people live, varying land costs and evolving lifestyles that prioritise convenience and urban living.
Between 1995 and 2020, 4,879 detached homes sold in the Romford area, representing 8.1% of all the property sales in those 26 years.
In the last two years (2021 & 2022), 445 detached homes sold in the Romford area, representing 8.2% of all the property sales in those 2 years, a proportional rise of 0.9%.
Romford Semi-Detached Houses: Balancing Space and Affordability
Romford semi-detached houses have maintained a relatively stable position in the property market over the past three decades, striking a balance between the space offered by detached houses and the affordability of terraced houses. While their popularity has seen minor fluctuations, their appeal to both Romford families and young professionals looking for more spacious living arrangements remains consistent.
In recent years, there has been a noticeable increase in demand for well-presented mature Romford extended semi-detached houses as homeowners increasingly seek larger properties that accommodate work-from-home setups and additional living spaces for multi-generational living. This trend suggests a growing emphasis on both comfort and adaptability within the modern Romford home.
Between 1995 and 2020, 17,806 semi-detached homes sold in the Romford area, representing 29.7% of all the property sales in those 26 years.
In the last two years (2021 & 2022), 1,709 semi-detached homes sold in the Romford area, representing 31.6% of all the property sales in those 2 years, a proportional rise of 7.1%.
Romford Terraced Houses: Embracing Urban Living
Nationally terraced houses have witnessed a resurgence in popularity with many new home builders utilising the modern ‘town house’ in a three-storey format. These houses in modern suburban areas provide a contemporary take on this traditional property type, attracting younger buyers looking for a low-maintenance lifestyle without sacrificing space (as they are built over three floors).
Then we have the Victorian terraced home which offers a blend of affordability, convenience and a sense of community tracing its history back over 100+ years. Young professionals, couples and small families are attracted to the charm and character of these properties, the generous square footage and close to the town centre location, often means the need for a car is reduced.
Between 1995 and 2020, 24,005 terraced homes sold in the Romford area, representing 40.1% of all the property sales in those 26 years.
In the last two years (2021 & 2022), 2,016 terraced homes sold in the Romford area, representing 37.2% of all the property sales in those 2 years, a proportional decrease of 7.1%.
Romford Apartments: The Rise of Vertical Living
Perhaps the most significant transformation in property type preferences over the past three decades can be observed in the increased popularity of apartments in the UK. Rapidly rising land costs and a growing desire for low-maintenance living have propelled the demand for apartment living to new heights.
Apartments offer a range of benefits, including affordability, security, access to amenities and a lock-and-leave lifestyle. Millennials and young professionals are drawn to the convenience and vibrant urban environments that apartments often provide. Additionally, the growing focus on sustainable living and reduced carbon footprints has further fuelled the demand for high-density housing options. Also, the issue of cladding which has become a great worry is hopefully on its way to being sorted.
Between 1995 and 2020, 13,215 apartments sold in the Romford area, representing 22.1% of all the property sales in those 26 years.
In the last two years (2021 & 2022), 1,244 apartments sold in the Romford area, representing 23.0% of all the property sales in those 2 years, a proportional increase of 4.2%.
This is particularly interesting when we compare the Romford stats to the national picture. Detached houses have seen an increase in demand from 34% of sales a decade ago to 39% last year, semi-detached houses have maintained their appeal and increased from 26% to 28% in the last decade. Terraced houses have witnessed a drop from 26% a decade ago to 21% last year and finally apartments have slightly increased from 11% to 12%.
The property preferences in Romford have experienced subtle shifts over the past two years compared to the long-term average of the last three decades. As Romford's property landscape continues to evolve, it is crucial to analyse these shifting preferences to understand the needs and desires of potential Romford homeowners (and tenants).
Of course, detached houses remain a peak of home ownership, yet as the Romford market is adapting to cater to changing demographics, urbanisation and evolving lifestyles, this might start to change in the coming decade.
By recognising and responding to these trends, homeowners, buy-to-let landlords and planners and developers can ensure that Romford's property market continues to thrive and meet the demands of the future.
.