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Halifax: Detached property prices up 5% since March

Jake Carter

October 27, 2020

The prices of detached properties have increased on average by 5% since March 2020, according to data collected by Halifax.

In comparison, the average price of a flat has risen by 2.5% over the same timeframe.

Halifax suggested that the increase in detached properties is attributed to a rise in demand for more space, as a result of the coronavirus.

For those buyers moving between houses, prices increased on average by 4% between March and September; meanwhile, for first-time buyers prices have risen by 2.4% between the same period.

On a regional basis, the greatest inflations rates were seen in the North West and Yorkshire and Humberside, with both noting over 6%; in monetary terms, this represents a rise of over £20,000.

At the other end of the scale, the South East and Greater London both recorded inflation rates at approximately 2%.

Russell Galley, managing director at Halifax, said: “We have seen a fundamental shift in demand from buyers as a result of increased home working and a desire for more space.

“There is now evidence that it is this push for larger properties that has been driving the mini-boom witnessed in the housing market since lockdown restrictions were first eased over the summer.

“This level of price inflation has not deterred would-be buyers though, as in the three months up to September, we received more mortgage applications from both FTBs and homemovers than at any time since 2008.

“However, we continue to sound a note of caution on the longer-term prospects for house price inflation, with the full economic impact of the pandemic likely to be felt more keenly over the winter.”


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