Detached house prices grow twice as fast as smaller homes

DETACHED homes are now worth more than £420,000 on average as prices have soared at almost double the rate of smaller properties.

The average standalone house in the UK has jumped by 16.6 per cent or £60,556 since the start of the pandemic, as lockdowns and work from home restrictions left buyers hungry for more space.

While the cost of a detached house has soared since March 2020, according to lender Halifax, flats have increased by a more moderate 9.1 per cent.

The biggest spike was in Wales, where terrace houses shot up by 25.1 per cent. At the other end of the scale were flats in Northern Ireland, which actually fell in price by 2.4 per cent.

London, which has been the UK’s hottest property market, was a mixed bag. Flats edged up by just 0.7 per cent, as families sought more spacious surroundings.

But detached homes jumped by 12.4 per cent and are the most expensive in the country at an average of £910,568.

Russell Galley, at Halifax, said: ‘Record numbers of moves have been taking place throughout the pandemic, with the demand for detached homes now greater than for any other property type, meaning the competition is fierce.

‘As employers began to crystallise longer-term plans for home and hybrid working, buyers have been able to consider homes further afield, with properties previously considered too remote now giving families extras like garden rooms and home offices.’

This trend explained price rises in Wales, Mr Galley added, as it has ‘beautiful countryside and lower relative property prices’.

Generally, flat owners are spending an extra £54,806 on top of the price of their current property to upsize into a typical terrace house. In March 2020, they would have had to find an extra £40,416.

Those in a terraced house looking to move into a semi-detached would have to find an extra £66,292, compared with £57,166 before the pandemic.

Owners of a semi-detached hoping for a detached house will need an additional £145,087, compared with £121,371 in March 2020.

House prices on average last year alone jumped by 9.8 per cent, as the average home hit a new record high of £276,091.

But experts expect the housing market to cool this year, as rising inflation puts pressure on household budgets. Interest rates are expected to rise, meaning mortgages more expensive.

‘Buyers looking further afield’