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Survey Shows Detahced Property Leads The Way For Price Rises

Survey Shows Detahced Property Leads The Way For Price Rises

Although the general trend has seen property prices fall in 2010, it seems a small segment of the market has seen some joy as detached properties have increased by £91 a day over the past year.

The average price rise is said to be 13% from £266,060 in the second quarter of 2009 to £299,295 in 2010, according to research by Halifax based on its own index of prices.Many homeowners hit by the recession have looked into a fast house sell in increasing numbers with fears of prices tumbling further though it seems owners of detached properties have seen rare success.


Further Halifax research has shed light on property prices over the last ten years with owners of semi detached properties the biggest property winners, recording the largest average price increase since 2000 at 111%.In the same ten years terraced properties increased 110% and bungalows 109%. Flats were the only property type not to double in value over the last ten years with an 81% average increase.


 “Although the price of all property types has been boosted by the combination of historically low interest rates and lack of properties available for sale over the past year, it is notable that detached homes have seen the largest average price rises. Such properties are likely to have benefited from greater demand from those buyer groups currently most able to enter the housing market,” said Suren Thiru, Halifax housing economist.“The changing pattern of homes bought over the past decade highlights some significant socio-economic forces. For example, the rise in the proportion of sales of flats and terraced homes reflects the increasing trend for people to live alone.


“The research also shows that moving up the property ladder remains difficult. The average price of a detached property is currently 63% above the average UK house price. Terraced properties remain the least expensive property type with an average price that is 17% below the average for all properties.”


The average cost of a terraced property has jumped by 110% during the same period, while the price of bungalows rose by 109% and the value of detached homes increased by 102%. Flats were the only property type not to see double digit returns, with prices rising by an average of 81% since 2000.

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