Detached homes saw highest price rises
Detached homes saw the biggest price increases of all home types in the UK last year, according to research by property portal OpenBrix.
Following the onset of the Covid-19 pandemic and the first national lockdown in 2020, demand for larger homes with more outdoor space soared.
With the requirement to stay at home as much as possible came the desire for bigger gardens, as well as more space for home offices, gyms and children’s lessons.
Some homeowners have been exploring options for extensions or conversions to create more useable space, but others have decided now is the time to step up the property ladder and invest in a detached house.
According to the company, the value of detached properties climbed by 6.8 per cent annually in December across the UK.
Terraced homes were the next most popular with property values climbing 6.1 per cent, while semi-detached houses saw a rise of 5.4 per cent.
Adam Pigott, chief executive of OpenBrix, says: “To see detached homes top the table across almost all UK regions where price appreciation is concerned highlights the considerable change in buyer behaviour over the last year and as a result of Covid.
“In contrast, flats have seen some of the lowest price appreciation rates, and the market has essentially been turned on its head.
“While a vaccine would have provided a glimmer of hope for the year ahead, it’s fair to say that the events of Christmas have once again plunged the nation into a sea of pandemic uncertainty.
“As a result, it’s unlikely that any established trends due to Covid will be reversing themselves anytime soon.
“Therefore, we can expect to see detached homes continue to dominate the market, both where popularity and price growth are concerned over the coming year.”