Demand for detached houses in the UK has increased due to the pandemic of coronavirus, with prices rising three times faster than for flats as work from home increased the popularity of larger homes.
Buyers paid an average price of £ 486,595 for a detached property in December – 10% more than it was in December 2019, according to mortgage lender Halifax.
The 10% increase for unattached owners is far greater than those seen for other homes, as an increase in remote employment – with a return to offices postponed until the summer – encourages rising numbers. growing to move to larger homes in more leafy areas. Home movers had to pay an extra £ 200,000 to move up from a semi-detached building, which cost an average of £ 287,313 in December, an increase of 6.3% from a year earlier.
types of properties
Demand for terraced houses was also high, with values rising by 5.8% to £ 202,540. Flats recorded the smallest increase, of 3.2%, to an average price of £ 146,717.
Over the six months to December, the average UK house price has risen 6.3%, the fastest growth rate since early 2007, just before the 2008 financial crisis, according to Halifax. The price of an unrelated home has tripled in the last two decades.
Russell Galley, Halifax’s managing director, said high demand for larger homes is making it more difficult for those at the bottom of the building’s ladder to move to a larger home. :
“The gaps between each run of the housing ladder have widened considerably. It may be more difficult for those who have never been able to step up the housing ladder in the last year or so to trade, ”he said.
cost increase
The housing market slipped at the start of the year among the third coronavirus lockout, according to Halifax and studies from other real estate industry experts including Nationwide and the Royal Institution of Chartered Surveyors. The government’s stamp duty holiday on property purchases of up to £ 500,000, expected to be among the main reasons for rising house prices last year, is expected at the end of March.
Michelle Gallagher, sales director at JDG estate representatives in Lancaster, said: “Consumer demand is up, driven by the need for more space as more people work from home. For many, homes are declining with children being home because of home education. The problem now is a lack of supply, so we are seeing a strain asking prices on some properties. ”