According to new research from Halifax, the UK housing market boom has been driven by a surge in buyer demand for detached properties during the pandemic.
Figures based on data from the Halifax House Price Index and conducted in partnership with IHS Markit show the cost of detached properties in the UK has risen at almost twice the rate for flats.
Looking at the changes in property prices from March 2020 through to the end of 2021, Halifax’s research shows: “the average cost of a detached home in the UK reached £425,177 in December 2021, an increase of around 17% or £60,556 in cash terms. This compares to a rise of about 9% for a typical flat since March 2020, with prices rising by £13,325 up to an average of £158,992.
Terraced houses rose by £27,715 (+15%) to an average of £213,798, while semi-detached properties increased by £36,841 (also +15%) to an average of £280,090 over the same period.”
Buyers need more cash to move up the property ladder.
Flat owners can now expect to spend an extra £54,806 to upsize into a typical terraced house (compared to £40,416 in March 2020). Those currently in a terraced property need a further £66,292 to own a semi-detached home (compared to £57,166 in March 2020). But home movers hoping to switch from a semi-detached to a detached house need an additional £145,087 (compared to £121,371 in March 2020).
Del Grant, owners of Grants Removals and Storage Ltd, said: “The removal industry was incredibly busy after the first lockdown, and many of our customers were moving into large detached homes. More people are hybrid working, and buyers have relocated further afield as they are not planning to be in the office every day. According to Halifax, this trend means Wales, with its stunning countryside and lower relative property prices saw the strongest growth in detached homes over the past two years.”
Source: Halifax press release
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