Detached properties see highest price growth in 2020

8 January 2021 | General

Detached homes saw the highest rate of annual house price growth of all property types in most regions of the UK last year, research from property portal OpenBrix has found.

After the property market reopened following the initial national lockdown, UK buyers scrambled to buy bigger homes with more outdoor space.

The value of detached properties climbed by 6.8% annually in December across the UK. Terraced homes were the next most popular with property values climbing 6.1% in the last year, while semi-detached houses saw an increase of 5.4%.

Adam Pigott, chief executive of OpenBrix, said: “To see detached homes top the table across almost all UK regions where price appreciation is concerned highlights the considerable change in buyer behaviour over the last year and as a result of Covid.

“In contrast, flats have seen some of the lowest price appreciation rates, and the market has essentially been turned on its head.

“While a vaccine would have provided a glimmer of hope for the year ahead, it’s fair to say that the events of Christmas have once again plunged the nation into a sea of pandemic uncertainty. As a result, it’s unlikely that any established trends due to Covid will be reversing themselves anytime soon.

“Therefore, we can expect to see detached homes continue to dominate the market, both where popularity and price growth are concerned over the coming year.”

In all but three regions of the UK, detached homes saw the highest house price growth rate of all property types.

The largest increases were in Yorkshire and the Humber, the South West and the North West, where detached homes jumped 8.1% in value over the last year.

This post has originally been featured in Property Wire.