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Homes rise by £91 a day in value over last year

Homes rise by £91 a day in value over last year

Category: Mortgages

Updated: 01/09/2010
First Published: 01/09/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Owners of detached family abodes have been the biggest winners in the property market over the last year, with their homes increasing in value by an average of £91 every day.

The average price of such a home has soared in value over the past 12 months.

The average detached property in the UK would have had a price tag of £266,060 at the end of the second quarter last year.

However, the figure rose markedly to £299,295 by the end of the same period this year, figures from Halifax show – a rise of 13%, or £91 a day.

Prices for all other types of properties rose by 8-9% over the same time.

"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
," said Suren Thiru, housing economist at Halifax.

"such properties are likely to have benefited from greater demand from those buyer groups currently most able to enter the housing market."

Over the longer term, it is owners of semi detached properties that have seen their homes rise by most in value.

In the last decade, semi detached homes have increased by an average of 111% in value, marginally higher than terraced properties (110%) and bungalows (109%).

In fact, the only types of homes not to double in value since 2000 are flats, which have increased by an average of 88% over the period.

Separate figures show that the tastes of Britons have remained relatively constant over the last ten years, with semi-detached and terraced homes retaining their position as the most popular types of property.

Semis and terraced houses account for a combined 61% of all property sales, up from 58% in 2000.

If you think the next decade could deliver three figure growth, then the Best Buy tables are to place to find the mortgage to suit your needs.

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