14. Property types
When it comes to buying, selling or remortgaging property in England and Wales, it is essential to understand the different types of properties available.
Here are definitions for some of the most common property types:
| House | A house is a standalone dwelling typically built on its own plot of land. Houses come in various styles and sizes, ranging from detached and semi-detached to terraced properties. Houses offer occupants more privacy and space compared to flats or apartments and often come with amenities such as gardens, driveways, and garages. |
| Flat | A flat, also known as an apartment, is a self-contained housing unit within a larger building. Flats are typically located in multi-storey buildings and can vary in size and layout. They may be found in purpose-built apartment blocks, converted houses, or mansion blocks. Flats often offer residents amenities such as communal areas, lifts, and sometimes parking facilities. |
| Land | Land refers to an area of ground or space, excluding any buildings or structures. In the context of property, land can be categorised as either developed or undeveloped. Developed land may include residential, commercial, or industrial properties, while undeveloped land may be vacant or used for agricultural purposes. Land can be sold or purchased for various purposes, including building new properties, agricultural use, or investment. |
Understanding the different types of properties available is crucial for both buyers, sellers or remortgagers in the property market. Each property type has its own characteristics, advantages, and considerations, which should be carefully evaluated when making decisions regarding buying, selling, or investing in real estate.