Detached house prices soar by almost £40k

THE price of detached houses has rose by almost £40,000 in Scotland during the pandemic as buyers looking for extra space have fuelled intense demand.

The average detached home rose in value by 16.3 per cent to £283,214 between March 2020 and December last year.

Across the board, house prices in Scotland rose 12.1 per cent to an average of £192,988. The UK average increase was 15.4 per cent.

Flats saw the most modest rise, of just over 9 per cent, amid growing demand for bigger properties, but still rose by £9,789 to £112,075.

Terraced houses increased by £18,433 (14.2 per cent) to average £148,224, and semi-detached homes rose £23,357 (13.7 per cent) to £193,975. The price rises mean buyers will have to find a significant amount of extra money if they want to move up the Scottish property ladder. People hoping to switch from a semi to a detached would need an additional £89,239.

The analysis, based on data from the Halifax House Price Index and conducted in partnership with IHS Markit, found that Wales was the hotspot for detached homes, with an increase of 24.4 per cent.

Halifax managing director Russell Galley said: ‘The demand for detached homes [is] now greater than for any other property type, meaning the competition for those looking to buy an often larger property is fierce.’

In December, the average price of a UK home was £276,091, and for detached homes was £425,177.