Fuelled by lockdown and the desire for larger homes with more open space, new figures has revealed that detached properties saw the highest rate of annual house price growth of all property types in most UK regions.
Ascend Properties analysed sold price records since lockdown was implemented on the 23 March 2020 and February 2021, as well as during the same time period prior to the first lockdown, to see what impact greater demand for larger homes has had on the prices paid by buyers.
The research found that across England, the average price paid for a detached house has increased from £349,995 to £375,000 since the start of lockdown, a 7.1% increase. At the same time, sold prices for all other property types have increased by 5.7% from £210,000 to £222,000. 1.4% less than detached homes, but respectable none the less.
Detached homes across the North West have increased by 7.1% in value since lockdown, the highest increase of all English regions. At the same time, the price paid for all other property types has increased by 4.1%. The 3.1% gap between the two is also the highest across all other English regions.
The South West ranks second, with detached homes up 6.8% since lockdown, 2.3% more than the rest of the market. Yorkshire and the Humber has also seen one of the biggest uplifts in detached property prices when compared to the rest of the market, with an increase of 5.4% coming in 2% higher than the uplift enjoyed across the rest of the market.
London does rank fourth however and while detached house prices are up 6.1%, which is a higher rate of growth than Yorkshire and the Humber, but it is just 1.8% ahead of the property price growth seen across other property types in the capital.
Managing director of Ascend Properties, Ged McPartlin, commented: “There may well be an exodus of homebuyers leaving the capital in search of larger homes, but the figures show that the North West is actually leading the way where this trend is concerned.
“Not only does the region rank top for detached property price growth since lockdown was first implemented, but detached homes are also pulling away from the rest of the wider market in terms of the rate of price appreciation.
“That’s not to say that other property types aren’t selling well and, in fact, there has been strong growth across the board. However, with more buyers searching for larger homes it does present a good opportunity for first and second rung buyers who should be able to find a flat or smaller home for a good price now that there is less competition.”
| Table shows the average sold price of detached homes and all other property types by region, both prior and since the first lockdown | ||||
| Region | Average Sold Price for Detached Properties | Average Sold Price for All Other Properties | ||
| Before Lockdown | After Lockdown | Before Lockdown | After Lockdown | |
| EAST MIDLANDS | £282,000 | £295,000 | £162,000 | £168,500 |
| EAST OF ENGLAND | £390,000 | £415,000 | £255,000 | £269,000 |
| LONDON | £768,000 | £815,000 | £468,000 | £488,000 |
| NORTH EAST | £245,000 | £245,000 | £120,000 | £123,000 |
| NORTH WEST | £280,000 | £299,995 | £147,000 | £153,000 |
| SOUTH EAST | £499,950 | £530,000 | £282,500 | £295,000 |
| SOUTH WEST | £365,000 | £390,000 | £220,000 | £230,000 |
| WEST MIDLANDS | £317,500 | £330,000 | £170,000 | £175,995 |
| YORKSHIRE AND THE HUMBER | £275,000 | £289,950 | £144,950 | £150,000 |
| ENGLAND | £349,995 | £375,000 | £210,000 | £222,000 |
| Average sold prices before lockdown based on median sold price of all residential homes sold between 22nd April 2019 to 22nd March 2020 (11 months) | ||||
| Average sold prices since lockdown based on median sold price of all residential homes sold between 23rd March 2020 to 23rd Feb 2021 (11 months) | ||||
| Data sourced from the Land Registry Price Paid records and excludes properties listed as ‘other’ and includes only single residential sales (E.g not second homes) | ||||
| Table shows the change in the average sold price for detached properties, all other properties and the difference in the rate of growth between the two | |||
| Region | Detached Properties | All Other Properties | Difference (%) |
| NORTH WEST | 7.1% | 4.1% | 3.1% |
| SOUTH WEST | 6.8% | 4.5% | 2.3% |
| YORKSHIRE AND THE HUMBER | 5.4% | 3.5% | 2.0% |
| LONDON | 6.1% | 4.3% | 1.8% |
| SOUTH EAST | 6.0% | 4.4% | 1.6% |
| EAST OF ENGLAND | 6.4% | 5.5% | 0.9% |
| EAST MIDLANDS | 4.6% | 4.0% | 0.6% |
| WEST MIDLANDS | 3.9% | 3.5% | 0.4% |
| NORTH EAST | 0.0% | 2.5% | -2.5% |
| ENGLAND | 7.1% | 5.7% | 1.4% |
| Increase relates to the difference in sold price since lockdown (23rd March 2020 to 23rd Feb 2021) and the equivalent 11 month time period prior (22nd April 2019 to 22nd March 2020) | |||
| Data sourced from the Land Registry Price Paid records and excludes properties listed as ‘other’ and includes only single residential sales (E.g not second homes) | |||
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