Friday, March 30, 2007
Category:
Home Improvements
Recent research from Halifax Estate Agents shows that the greatest UK house prices in the last 10 years have been in terraced properties.
The results from Halifax’s own data show that in the last ten years, the average UK terraced house price has risen by 239%. Not far behind are flats and maisonettes which have increased by 235%.
In the past five years the trend has seen a small difference. Terraced houses still have the highest recorded price growth in the UK at 113%. The next biggest increase was from semi-detached properties at 95%. Flats and maisonettes were not far behind with recorded growth at 87%.
Although there was a strong growth in the prices of terraced houses, detached houses had the greatest average price of all property types. A detached property in the UK is worth an average £326,396. This is compared to the average price was only £110,240 at the end of 1996. The current average detached house price is now over the £250,000 (3%) stamp duty threshold.
On average, all property types are now above the £125,000 (1%) lower stamp duty threshold. In 1996 the lower stamp duty threshold was £60,000. This means that the terraced property (£54,945) and flat or maisonette (£58,046) were below this.
In the last ten years, the price for terraced, semi-detached and also flats or maisonettes has more than tripled in the last ten years. In the regions, the biggest house price increase in the UK has been terraced houses in Northern Ireland and secondly flats and maisonettes in East Anglia.
Semi-detached houses in Scotland saw more modest growth. The price increase for a semi-detached house was on average 129%. Next were bungalows and detached properties at 147%. Even though, a detached property in Scotland is £246,372. Which is well above the UK property types average of £218,760.
Detached properties in London have undertaken the biggest growth over the last ten years also followed by East Anglia and the South West. In London the average detached property has raised by 237% in the last ten years. Next was East Anglia with 223% and 221% in The South West.
Commenting, Tim Crawford, Group Economist, Halifax Estate Agents, said:
“Terraced properties have seen the largest average house price increases in both the last five and ten years. Although the average price of a terraced house is still below the UK all property average, the gap has narrowed.”
“Our research shows there are big regional differences across certain property types. In many cases this is a result of the availability of property types and the composition of historic housing stock. For instance, the availability and popularity of flats in London is much greater than in other regions of the UK”
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Homeowners looking to move up the property ladder, but find recent price rise hikes restrictive, could consider improving what they’ve already got with a secured loan. One of many options to improve property, a secured loan could be used to add the vital extra space needed to accommodate growing families. Space adding projects that may be funded with a secured loan include extensions, loft conversions and basement conversions. Other popular projects for adding space which may be financed with a secured loan include garage conversions and adding a conservatory. Secured loans can usually be repaid over a term to suit the borrower from 5 to 25 years.
