Halifax: Detached homes worth 17% more now than pre-pandemic

The average cost of a detached home in the UK reached £425,177 in December 2021, an increase of around 17% - or £60,556 - in cash terms since March 2020, according to Halifax.

This is compared to an increase of around 9% for a typical flat since March 2020, with prices rising by £13,325 up to an average of £158,992.

Terraced houses rose by £27,715 (15%) to an average of £213,798, while semi-detached properties increased by £36,841 (15%) to an average of £280,090 over the same period.

Flat owners can now expect to spend an extra £54,806 to upsize to a typical terraced house, compared to £40,416 in March 2020.

Those currently in a terraced property were found to need a further £66,292 to own a semi-detached home, compared to £57,166 in March 2020.

However, home movers hoping to switch from a semi-detached to a detached house needed an additional £145,087, compared to £121,371 in March 2020.

Wales and the North West saw the greatest increase in detached home prices, up 24.4% and 21.9% respectively.

The most expensive detached residences were in London, at an average £910,568, where their rate of increase (12.4%) was almost double the average of all property types in the capital.

Russell Galley, managing director of Halifax, said: “Record numbers of moves have been taking place throughout the pandemic, with the demand for detached homes now greater than for any other property type, meaning the competition for those looking to buy an often larger property is fierce.

“As employers began to crystalise longer-term plans for home and hybrid working, buyers have been able to consider homes further afield as the need to commute falls away, with properties previously considered too remote now giving families extras like garden rooms and home offices.

"This trend means Wales, with its beautiful countryside and lower relative property prices, saw the strongest growth in detached homes over the past two years.”