Every individual has life goals. They can be getting a well-paying job, starting a family and buying a home of his own. Buying a home is not child’s play. It requires a lot of time and effort to study and research into the type of home we want to buy. It’s common belief that when you buy a house, you’re making an investment. That’s why taking out a mortgage is a normal thing to do. The city and locality, distance from schools and hospitals,cost, appreciation value are a few points that ought to considered. Of these, the cost of the house is the most important determinant of all. Highly-priced homes may be out of your affordability, but you also don’t want to live among the poor. Luckily, there are a plethora of options available that can help you own the home of your dreams.

A mortgage is one of the options made accessible by financial lenders like banks and mortgage brokers. It’s a loan that has your home as collateral. If you are unable to meet your monthly mortgage repayments, your property is withheld and sold off to recover the unpaid amount. Every type of residential unit has some good points and some not-so-good points to it. Also, properties with a high valuation oblige the lender to carry a higher degree of risk. Let’s look at the features of four types of houses most commonly found in the UK to assist you in making a buying decision.


Detached house-

A detached house is a free-standing unit that advertises privacy as its USP. They are the most popular form of housing even today. Hence, they command a high valuation at the time of a property survey.

Upside: The space in front of, at the sides and behind the house belongs to the owner. He can do whatever he wants with it. This makes extension and modification a lot easier, subject to local rules and regulations.

Downside: The owner is also responsible for all repairs and maintenance done to the house.

Average price: £310,364 (+ 6.7% year-on-year) means the mortgage principal is likely to be high.


Semi-detached house-

A semi-detached house is very like the one beside it, the reason being that they share a common wall. The units are generally built in the same style. Middle-income families are more often than not seen living in semi-detached houses. It is not less popular than a detached house in terms of its features. They are also more fashionable as compared to terraced residences.

Upside: A high degree of privacy is present even though one wall is shared by two houses.

Downside: Plans for extension and renovation may meet with resistance from your neighbours.

Average price: £197,168 (+ 8.8% year-on-year). This means a higher rate of interest on your mortgage.

Terrace housing-

Terrace housing rose to fame in the 19th century. The concept itself originated in Europe in the 17th century. This form of housing is also called a rowhouse or townhome.

Upside: It is cheaper than detached and semi-detached properties.

Downside: Your yard or garden is likely to be just a small patch of earth. You may want to think twice if you want privacy as the two walls are shared.

Average price: You may not need a mortgage for this one if you have adequate savings that can cover its cost of£171,298.


You might be familiar with the concept of a high-rise building or a skyscraper. The units in these buildings are known as flats or apartments. There are areas for communal gatherings.

Upside: Repairs and maintenance of the building are not the responsibility of the flat owner. From the security standpoint, flats win hands down.

Downside: As a leaseholder, you don’t have much authority to make changes to your premises.

Average price: £187,793 (+8% year-on-year)


Read more:
Different Types of Loans