10% price surge for detached homes due to house hunters demanding more space
Since the property market reopened last summer, we’ve seen a market boom that’s led to record activity for new listings and sales agreed in the UK, as homeowners rush to find somewhere more suited to their lockdown needs and lifestyle.
The average price of a detached home was £486,595 in December 2020, which when compared to the previous year is a massive increase of £43,364.
This increase in value seems to be directly related to the fact that house hunters are seeking properties with more space since the emergence of the pandemic, as well as the start of the working from home new norm.
The second highest increase year-on-year were for semi-detached properties, which increased 6.26% to £287,313.
Russell Galley, Managing Director at Halifax, said: “as many continue to work from home, this has led to a significant increase in demand for bigger properties, which has likely driven the boost in price we’ve seen in detached homes versus other property types.
“Over the past six months, the average UK house price has risen by 6.3%, making it the market’s best half-year performance since early 2007.”
In the last two decades, the price of a detached home in the UK has trebled. In 2000, a typical detached property could be bought for an average of £164,820.
However, it’s the last five years which have seen the sharpest price increase.
In 2015, the jump from a semi-detached to detached home would be just under £150k, with the gap widening to just under £200k in 2020.
How much could your property have increased in value by? If you’ve not yet obtained an updated market appraisal for your home, you could be unaware of its value in light of current market conditions.
To get started with your next sale or purchase, visit our website today or talk to us directly to book your valuation.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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