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Supply of 4-bed properties grows as demand for large family homes weakens

Buyers are now motivated by needs rather than aspirations and four-bed family homes are taking longer to sell as upsizers move away from the market.

Words by: Izabella Lubowiecka

Senior Property Researcher

Higher mortgage rates are creating a more challenging affordability landscape, yet buyers remain resolute in the types of properties they're looking to secure, as reported in our latest House Price Index

The split of property searches currently taking place on Zoopla remains broadly inline with pre-pandemic requirements.

This may seem surprising, given that higher mortgage costs mean household buying power has been reduced by 20% over 2023. 

Yet our data reveals UK buyers are still most commonly looking for 3-bed houses. In fact one in three buyer enquiries this summer was for this type of home.

Three-bed homes deliver the space that most people need, which suits buyers at various life stages - from aspiring parents to empty nesters downsizing from larger homes.

Conversely, we are seeing a build-up of stock for houses with 4 bedrooms or more, as would-be upsizers carefully consider the costs and benefits of moving home.

Supply and demand imbalance continues

The appetite for 3-bed houses currently outweighs the supply of such homes coming onto the market. 

In northern England and the West Midlands, this demand is met with healthy supply: the most commonly available and in-demand property types are 3-bed houses.

On the other hand, detached houses with 4 or more bedrooms are the most commonly listed property type in southern England (excluding London), the East Midlands, and Wales.

One in every 5 homes on the market in these locations is a home with 4 bedrooms or more. 

This party reflects the profile of housing stock in these areas but it also highlights the fact that demand for larger family homes is now weaker in the face of higher borrowing costs. 

Despite the high availability of 4-bed detached houses, 3-bed homes are attracting the highest proportion of buyer enquiries in these areas.

This means there is now a mismatch between what's listed for sale and what buyers are most interested in. 

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Most commonly available properties for sale in different UK regions

RegionMost commonly available property typeMost enquired for property type
East Midlands4+ bed detached3 bed semi
East of England4+ bed detached3 bed terraced
London2 bed flat2 bed flat
North East3 bed semi3 bed terraced
North West3 bed semi3 bed semi
Northern Ireland4+ bed detached3 bed terraced
Scotland2 bed flat2 bed flat
South East4+ bed detached3 bed terraced
South West4+ bed detached3 bed terraced
Wales4+ bed detached3 bed terraced
West Midlands3 bed semi3 bed semi
Yorkshire and The Humber3 bed semi3 bed semi
Zoopla

In September 2023,  nearly 1 in 5 homes listed for sale on Zoopla was a detached house with 4 or more bedrooms. During the Covid-19 pandemic years, only 1 in 8 homes listed for sale met this criteria.

This build-up of larger detached homes for sale now mirrors pre-pandemic trends, when 1 in 6 homes listed for sale on Zoopla would be a detached house with 4 bedrooms or more.

That's likely to be because this property type typically comes with a higher price tag: the average price for a 4-bed detached house is currently 18% higher than that of a 4-bed terraced house, reflecting the extra internal space, larger gardens and off-street parking facilities that typically come with detached properties. 

Detached homes also tend to have unique characteristics, as well as higher prices, meaning they can typically take longer to sell.

On average, a detached house with 4 bedrooms or more stays on the market for 47 days before the sale is agreed, in contrast to the national average of 34 days. 

As buying power fell by a fifth over 2023, some buyers using mortgages are likely to find it harder to afford more expensive homes without injecting more equity.

The average asking price of a 4-bed detached home in every UK region exceeds the stamp duty land tax threshold for existing homeowners. And that means an extra cost which may run into tens of thousands of pounds in southern England and the Midlands.

Buyers now motivated by needs, rather than aspirations

More buyers are now motivated by needs, rather than the aspirational or lifestyle factors we saw during the Covid-19 pandemic. And larger-than-average houses are sometimes more than what a typical family of 2 adults and 2 children usually needs.

The current high appetite for 3-bedroom houses shows the popularity of this property type, even when buying power shrinks. It also shows us that the needs of those in the market today are broadly the same as they have always been.

Three-bed homes deliver the space that most people require and those seeking value are most likely to find it in 3-bed terraced houses. That means there is now a smaller pool of buyers interested in larger properties.

Many upsizers have stepped away from the market due to higher mortgage rates. This means that those selling houses with 4 bedrooms or more will take significantly longer to agree a sale, compared to during the pandemic years.

Anyone planning to sell such property should prepare for a longer marketing timeline and keep an eye on the market to make sure that the home they are selling is still offering good value to price-conscious buyers.

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We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zoopla Property Group accepts no responsibility or liability for any decisions you make based on the information provided.