Semi-detached properties have experienced the biggest rise in value, up 10.7% since the same time last year. Prices rose 1.9% during April, while all other property types experienced a fall.
Semi-detached properties are also increasing their market share. Despite apartments dominating new builds, the proportion of new semi-detached properties coming to the market is up 2% since the same time last year.
However, despite this rise in value since October 2005, semi-detached homes still remain one of the cheapest property types on the market. With a typical price of £233,502, they are considerably more affordable than the average home, which is now worth £256,521.
Confidence in the housing market grows
Despite average homes on the site falling in price by 3.1% over the last month, buyer confidence in the market is increasing. The prices people are willing to pay for new homes has risen throughout April by 0.7%, and is now almost the same as the average home for sale on the site. Fears of a housing market crash seem to have faded from the memories of most buyers, who are now prepared to pay more for the new home they want.
David Bexon, managing director of SmartNewHomes.com, commented: “Although the average price of a new home fell by 3.1% during April, they have actually fallen back in line with last year’s values, showing an overall rise of 0.1% since April 2005.
“Generally we have been seeing optimistic movement within the property market, as consumer confidence is restored to levels previously seen in 2004. Buyers have demonstrated they are prepared to pay 4.3% more for their new home than they were in April 2005, despite a rise in prices of only 0.1%. The return of the semi-detached home demonstrates the continued demand for suitable family properties at competitive prices.”
