Detached homes ‘ rise in value by £ 24,000

DETACHED HOMES have typically piled more than £ 24,000 on to their value since around the start of the lockdown, analysis has found.

Several housing market reports have pointed to a miniboom as the housing market has reopened for business – and those behind the new research said the push for larger properties as buyers search for more space appears to be driving this growth.

The price of a typical detached home in the UK increased by 5.3 per cent or £ 24,137 between March and September, Halifax’s research in partnership with IHS Markit found.

This took the average price of a detached home to £ 477,098 in September. Over the same period, the average price of a flat has increased at less than half this rate, at 2.5 per cent.

In cash terms, the average price of a flat increased by £ 3,590 between March and September, to reach £ 147,450.

Many lenders have tightened up on low- deposit mortgage lending in the uncertain economy.

This could mean that more affluent homeowners who are higher up the property ladder and would perhaps be considering detached homes find that they have a greater ability to move than those with lower amounts of equity, who may be considering smaller properties.

Russell Galley, managing director, Halifax, said: “We’ve seen a fundamental shift in demand from buyers as a result of increased home working and a desire for more space. There’s now evidence that it’s this push for larger properties that has been driving the mini- boom.”