‘Rungs of property ladder have moved further apart during pandemic’
Halifax said demand for detached homes is greater than for any other property type.
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Your support makes all the difference.The average price of a detached home has increased by more than £60,000 during the coronavirus pandemic, analysis has found.
The typical price for a flat has increased by less than a quarter of this amount – £13,325 – according to Halifax
Since March 2020, the average value of semi-detached houses has increased by £36,841 and the typical price for terraced properties has risen by £27,715.
The findings indicate how the rungs of the property ladder have moved further apart during the pandemic, making it more of a struggle for people trying to upsize into a bigger property.
Halifax estimates the UK’s flat owners can now expect to spend an extra £54,806 to upsize into a typical terraced house, compared with £40,416 in March 2020.
Those currently in a terraced property typically need a further £66,292 to own a semi-detached home, compared with £57,166 in March 2020.
And home-movers hoping to switch from a semi-detached to a detached house need an additional £145,087, which is nearly £24,000 more than the £121,371 typically required in March 2020.
Buyers have been able to consider homes further afield as the need to commute falls away
Wales and the North West of England have seen the biggest percentage increases in detached home prices, up 24.4% and 21.9% respectively, Halifax said.
The analysis was based on data from the Halifax house price index and conducted in partnership with IHS Markit.
Russell Galley, managing director, Halifax, said: “Record numbers of moves have been taking place throughout the pandemic, with the demand for detached homes now greater than for any other property type, meaning the competition for those looking to buy an often larger property is fierce.
“As employers began to crystallise longer-term plans for home and hybrid working, buyers have been able to consider homes further afield as the need to commute falls away, with properties previously considered too remote now giving families extras like garden rooms and home offices.
“This trend means Wales, with its beautiful countryside and lower relative property prices, saw the strongest growth in detached homes over the past two years.”
Here is how the average prices of different UK property types have increased since March 2020, according to Halifax, with the percentage and cash increase and the average price by December 2021:
– Flats, 9.1%, £13,325, £158,992
– Terraced, 14.9%, £27,715, £213,798
– Semi-detached, 15.1%, £36,841, £280,090
– Detached, 16.6%, £60,556, £425,177