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Terraced home prices up £118 a week since 2001

Terraced home prices up £118 a week since 2001

Category: Mortgages

Updated: 27/09/2011
First Published: 27/09/2011

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Terraced homes have soared in value over the last decade, with their prices increasing by £118 each week since 2001.

It means that terraced homes in the UK have risen by more than any other type of property over the last ten years, according to Halifax.

Figures show that owners of terraced properties have seen the value of their property rise by an average of £118 a week over the past decade with the typical price of a terraced home increasing by 68% (£61,489) from £89,843 in the second quarter of 2001 to £151,332 in the second quarter of 2011.

The rise outstrips the overall average rise in UK house prices, which have increased by 53% from £116,325 to £177,740 over the same period.

But terraced homes still compare favourably in price, compared with other types of property.

Indeed, despite terraced properties recording the strongest price growth over the past decade, they remain the most affordable property type.

The price of an average terraced property is 15% below the average UK house price of £177,740 and 45% lower than the price of the average detached home of £273,173.

In 2001, the typical terraced house price was 23% lower than the UK average house price for all properties.

"Although all property types have recorded significant price increases overall during the past decade, terraced homes have seen the biggest growth," said Suren Thiru, housing economist at Halifax.

"Demand for such properties is likely to have been supported by their relatively favourable levels of affordability over the period.

"The rapid house price rises during much of the 2000s priced many potential home movers out of the upper end of the UK housing market."

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