Fuelled by lockdown and the desire for larger properties with more open space, new data has revealed that detached homes saw the highest rate of annual house price growth of all property types in all but three UK regions last year.
Research from property portal, OpenBrix, shows that after the property market reopened following the initial national UK lockdown, UK buyers scrambled to buy bigger homes with more outdoor space. As a result, detached properties soared in popularity, and the latest figures have revealed that prices have followed suit as a result.
The firm crunched Land Registry figures and found that the value of detached properties climbed by 6.8% annually in December across the UK. Terraced homes were the next most popular with property values climbing 6.1% in the last year, while semi-detached houses saw an increase of 5.4%.
In contrast, the rush for more space saw flats decline in popularity, with prices increasing by just 2.3% annually.
In all but three regions of the UK, detached homes saw the highest house price growth rate of all property types. The largest increases were in Yorkshire and the Humber, the South West and the North West, where detached homes jumped 8.1% in value over the last year.
Detached homes also saw the highest rate of house price growth of all property types in Wales, the West Midlands, London, the North East, South East, and England.
While detached homes saw a notable 7.2% annual increase across the East of Midlands, it’s terraced homes that have seen the most significant increase in property prices in the last year at 7.4%.
The property type also topped the table in Scotland with prices up 7.1% compared to 7% for detached homes. In Northern Ireland, semi-detached homes saw the largest increase in values at 2.9%.
Adam Pigott, CEO of OpenBrix, commented: “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.”