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Detached home prices rise by 13%

By Jonathan Dawes, Thu 2 Sep 2010 - Published in Mortgages

Detached family homes have seen the greatest rise in value over the past 12 months, research by Halifax has revealed.

The Halifax Property Type Review showed that the price of the average detached home has increased from £266,060 in the second quarter of 2009 to £299,295 in the same period this year - a jump of 13 per cent.

Suren Thiru, a housing economist with the financial services provider, commented: "Although the price of all property types has been boosted by the combination of historically low interest rates and lack of properties available for sale over the past year, it is notable that detached homes have seen the largest average price rises."

He claimed that the reason for this is because homebuyers who are able to enter the market in its current condition tend to be those who can afford to buy a detached home, driving up prices for this property type.

The research also revealed that semi-detached houses have seen the strongest price rises over the past decade, increasing by 111 per cent since 2000.

Recently, Post Office Mortgages claimed that people will pay £16,672 more to buy a home in an area with a low crime rate and £13,005 extra to live close to their family.