With so much interest in then housing market, and people looking for more space at home, it is no surprise to learn that there is significant demand for detached properties right now across the country.
This is something we have seen with buyers and vendors in the local area. There are many stylish and appealing detached properties on offer in the local area.
According to Rightmove towards the end of February 2021, there were 271 properties listed for sale in Weymouth, and 41 of these properties were detached properties.
At the same time, the leading property portal states there were 1,507 properties listed for sale in Bournemouth, and 190 of these are detached properties.
Detached properties are in high demand
A recent study indicates at the end of 2020, the average price of a detached property in the UK was £486,595. This is a rise of 10% or £43,365 compared to the end of 2019.
Information provided by the Halifax suggests this is the most notable boom in property in the past 12 months.
There was a rise of 3.19% for flats, equivalent to £4,533, which rose to an average price tag of £146,717
The increase for terraced properties was £11,178, a rose of 5.84%, taking the average price to £146,717
Semi-detached properties rose by 6.26% to £16,930, holding an average price of £287,313.
Leading names in the market recognise this demand for detached properties
Russell Galley, Managing Director, Halifax, said: “As many continue to work from home, this has led to a significant increase in demand for bigger properties, which has likely driven the boost in price we’ve seen in detached homes versus other property types. Over the past six months, the average UK house price has risen by 6.3%, making it the market’s best half-year performance since early 2007. While this increase is good news for the market overall, it has further widened the rungs on the housing ladder – particularly for those looking to upsize to a detached property – making the jump more expensive than ever before.”
Flat owners have been advised they will be expected to pay an additional £55,823 to upgrade their property, and move into a terraced house.
Terraced property owners should expect to pay an additional £84,777 to move into a semi-detached property.
However, anyone looking to move from a semi-detached property to a detached house should be prepared to pay an additional £199,282.
Property price rises in 2020 means house price inflation as of the end of 2020 for property movers stands at 6.4%, and this is higher than it is for first-time buyers, which stands at 4.5%.
Russell added: “While price increases are good news for the market overall, this has impacted home movers looking to upsize, as the gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”
Property prices have risen in the past two decades
In 2000, the average price of a detached property in the UK was £164,827 but by 2020, the average price of detached property was £486,595.
Over the past five years, the most significant jump in house prices is for people upgrading from a semi-detached property to a detached property.
In 2015, the gap was £148,540; and in 2020, the gap rose to £199,282.
For people moving from a flat to a terraced property, the gap was £36,939 in 2015, and in 2020, it was £36,939.
For households moving from a terraced property to a semi-detached property, the cost in 2015 was £67,281, and by 2020, it was £84,774.