House prices for this particular type of property are soaring as demand rises

Family homes are the most in-demand property type across the country – according to the latest Nationwide and Zoopla house price index.

It shows that demand for detached and semi-detached houses has doubled in the past year alone.

In terms of breakdown, three-bedroom houses remain the most sought-after type of property in the UK, while four and five-bedroom houses are selling 33% faster in 2020 than in 2019.

It also highlights a new trend – that people are finding flats less and less appealing. And this is even the case in areas such as London and south east England, where flats have previously been incredibly popular. 

Instead, across the country, there’s been a shift – and the demand for flats has failed to keep up with the increasing interest in houses. 

These detached and semi-detached homes have not only seen an increase in transactions, but prices have rocketed, too.

Statistics show that family home prices have gone up by 7.3% – overtaking the price growth of flats.

The stamp duty holiday has no doubt played a role in this change – as the tax-free period not only assisted first-time buyers getting on the property ladder, but also helped existing homeowners afford more spacious (and expensive) homes.

However, Robert Gardner, Nationwide’s chief economist, says various lockdowns have been the real wake-up call for buyers. 

He believes it’s this ‘race for space’ (brought on by the pandemic) that has changed the nation’s priorities – more than anything else.

Robert said: ‘Shifting housing preferences appear to have been the more important factor in driving the increase in housing market activity, with people reassessing their housing needs in the wake of the pandemic. 

‘At the end of April, 25% of homeowners surveyed said they were either in the process of moving or considering a move as a result of the pandemic.’

Do you have a story to share?

Get in touch by emailing [email protected]

Source: Read Full Article