Terraced house prices rise by 68% over the last decade
Posted on 26th September 2011
Halifax have released new research that suggests that UK property prices have increased for a terraced house by an average of £118 a week since 2001. This recorded increase, in the second quarter of 2011, was more than any other type of home.
This 68.4% rise n 10 years means that the average price of a terraced property now stands at £151,322. Bungalows recorded the next biggest increase by 67.9% to £187,167, with the average price for semi-detached homes now standing at £164,970, a growth of 62.4%.
Suren Thiru, Housing economist at Halifax, commented: "Although all property types have recorded significant price increases overall during the past decade, terraced homes have seen the biggest growth.
"Demand for such properties is likely to have been supported by their relatively favourable levels of affordability over the period.” Many home movers have been unable to look at properties in the upper end of the market so have turned to the more affordable solution of terraced homes.