28 September 2011

Brits opt for semi-detached and terraced homes

New research analysing the price and sales movements by property type across the UK over the past ten years has produced some intriguing results.

**New research analysing the price and sales movements by property type across the UK over the past ten years has produced some intriguing results. **

The Halifax Property Type Review published the house-type preferences among British buyers and how prices have increased in the last year and over the last decade.

In the past ten years, the average price of a terraced house in the UK has risen by more than any other type of property, with the typical price of a terraced home increasing by 68% (£61,489) from £89,843 in 2001 to £151,332 in 2011.

Despite this price growth, these types of houses still remain the most affordable property type, according to the study. Today, the average price of a terraced house is 15% below the average UK house price of £177,740 and almost a half (45%) the price of the average detached home of £273,173.

The house every Briton wants

Nearly two-thirds (63%) of all home sales in 2011 – up from 59% in 2001 – were comprised of semi-detached and terraced homes.

The figures also show that flats recorded the smallest price growth over the decade up to 2011, with the value of a typical flat rising only by 49%.

The study related this trend to the latest over-supply of this type of property. As the figures reveal, flats more than doubled during the 2000s, rising from 20% in 2000/2001 to a peak of 50% in 2008/09.

Whatever type of property you choose to live in, you will certainly need to purchase home insurance.

Further research on this by a leading comparison site found that paying for your home insurance through monthly instalments ends up costing an additional 11.89% more than those who simply pay once per year.

If you are thinking about buying a new house or flat, compare mortgages and other financial products in order to make the most of your money. The more you know about the different offers available, the more informed your decision will eventually be.