The Property Market Favouring Detached Homes

 

During the last 12 months, the average price of a detached home has increased more compared to any other property type.

New research from Halifax shows how owners of detached properties saw the value of their homes increase by £91 per day over the year to the end of June. This lead to a 13% leap taking the average value of a detached property to £299,295.

In contrast, prices for other property types rose by a lower 8% to 9% over the period. However, taking a longer view over the past decade, semi-detached homeowners have been the biggest overall winners with the cost of the typical semi soaring 111% since 2000.

For terraced property owners growth stood at 110% and for bungalow dwellers, 109%. Flats were the only property type not to double in value, experiencing an 81% average increase over the last ten years.

Housing Economist at the Halifax, Suren Thiru, said: “The changing pattern of homes bought over the past decade highlights some significant socio-economic forces.” She adds: “For example, the rise in the proportion of sales of flats and terraced homes reflects the increasing trend for people to live alone.”

The most common form of UK household is the married type but single person households are projected to overtake them by 2020, according to a Communities and Local Government forecast.  

 

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