The value of Britain's detached properties has increased by an average of £642 a month over the past decade, according to n new research from the Halifax. Since 2002, the average price of a detached property has grown by almost £77,000 to £282,211 today.
Over the past decade, the average price of terraced houses has grown by 41 per cent to £151,568. The average price of both semis and bungalows has grown by 37 per cent to £165,565 and £185,365 respectively.
Since 2007, bungalows have outperformed all other property types. In the past five years, the average price of a bungalow has fallen by 19 per cent to £185,365. This compares with a 21 per cent decline in the average price of a detached property and a 24 per cent fall in the price of semis. Terraced houses (-28 per cent) and flats (-25 per cent) have been the worst performers.
The average price of a detached house is now £117,000 higher than that for a semi-detached home. In 2012, the average price of a detached house is 75 per cent higher than for a flat;, whereas five years ago they were 67 per cent higher.
"Prices of all property types have fallen over the past five years with the biggest declines for flats and terraced homes," said Martin Ellis, housing economist at Halifax. "These types are particularly popular with first-time buyers and their sharper price falls probably reflect the difficulties that those looking to enter the market for the first time have been facing. The prices of those property types which are less reliant on first-time buyers, such as bungalows and detached homes, have been more resilient.
"One benefit of the decline in prices has been that flats and terraced houses can now typically be bought for less than £100,000 in some parts of the country. This is a far cry from five years ago when little was available below this price.”