Detached homes rise in value by £125K in 10 years
The average cost of a detached property has risen by more than £125,000 in the past 10 years, according to Housesimple.
The online estate agent said that the price of a detached house in the UK was an average £252,473 in January 2009, but today it will set you back £377,945 – that’s an increase of £125,472 or 50% in a decade.
Better value up North
The North East is the best region for value, with the average price of a detached property rising by just over £15,000 or 7.7% since 2009 – that’s less than a 1% price hike a year over the past 10 years.
It’s also the only region in the country where the price of a detached house (£212,377) is below the current average UK house price (£228,147).
Unsurprisingly, London is the most expensive region with the price of an average detached property up 87%, or more than £420,000, since 2009. The average price now stands at £906,825.
Sam Mitchell, CEO of Housesimple, said: “Detached houses are seen by many as not just aspirational but also their forever home. However, our research seems to support the view that while many aspire to own a detached property, the reality is that affordability is a barrier to ownership.
“That may well be the case in London and surrounding areas, but for those families who are willing to look further afield, detached home ownership may not be so far-fetched. We found five regions where the average price of a detached house is either less than, or close to, the average UK house price. For families living in cramped one-bedroom flats in central London that is a tempting proposition.
“A better quality of life isn’t just about moving out of polluted city centres, it’s also about a better family life at home. And more space, bigger gardens, not being able to hear your neighbours through the paper thin walls, make detached living highly desirable. And the availability of substantial detached homes, that are still affordable, is one of the reasons why we’re seeing more people moving north to areas such as Yorkshire and the North West.”