14:40 PM, 27th October 2010, About 11 years ago
Property investors have seen homes double in value over the past 10 years despite the ups and downs of recession.
Semi-detached homes were the biggest winners returning an average 111% increase – just over the 110% for terraced houses and 109% for bungalows.
Flats fared less well with a meagre 81% rise in comparison to other home types.
Semis and terraced homes are the most popular with buyers over the decade – with sales taking 58% of the market in 2000 and 61% in 2010.
The current big winners in property price rises are detached home owners who have seen their value soar by £91 a day over the year ending June 30, 2010.
“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. Such properties are likely to have benefited from greater demand from those buyer groups currently most able to enter the housing market,” said Suren Thiru, housing economist for the Halifax that put together the data.
“The changing pattern of homes bought over the past decade highlights some significant socio-economic forces. For example, the rise in the proportion of sales of flats and terraced homes reflects the increasing trend for people to live alone.”
The bank revealed climbing up the property ladder was difficult for most buyers as the average price of a detached home (£299,295) is 63% above the UK average house price – but the gap has slightly narrowed over the decade.
Downsizers are also property price winners, banking an average £102,000 trading down from a detached family home to a retirement bungalow – a gain of 91% on the same windfall from trading down in 2000 (£48,500).
As a warning to investors in flats, their popularity is falling as they make up 24% of purchases in 2010 compared with 36% in 2007.
Smaller homes are more likely to remain popular with buyers and renters as the government predicts single person households will over take the number of married households by 2020.
Over the decade the number of married households has declined from 48% to 41% while single households have increased from 30% to 33%.
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