Average price of detached home rises by more than £60,000 during pandemic, analysis finds
The average price of a detached home has increased by more than £60,000 during the COVID-19 pandemic, according to new analysis.
Halifax said the typical price for a flat has increased by less than a quarter of this amount – £13,325.
But since March 2020, the average value of semi-detached houses has increased by £36,841 and the typical price for terraced properties has risen by £27,715.
It indicates how the rungs of the property ladder have moved further apart during the pandemic, making it more of a challenge for people trying to upsize into a bigger property.
Halifax estimates the UK’s flat owners can now expect to spend an extra £54,806 to upsize into a typical terraced house, compared with £40,416 in March 2020.
Those currently in a terraced property typically need a further £66,292 to own a semi-detached home, compared with £57,166 in March 2020.
And those hoping to switch from a semi-detached to a detached house need an additional £145,087, which is nearly £24,000 more than the £121,371 typically required in March 2020.
Wales and the North West of England have seen the biggest percentage increases in detached home prices, up 24.4% and 21.9% respectively, Halifax said.