Piggybank News

October 6, 2011

Why the average terraced house isn’t so “average” any more.

Filed under: Property — nspresources @ 12:00 pm
Tags: , , , , , ,

Halifax released a report  last week showing that the average price of a terraced house has risen faster than any other type of home over the last 10 years. The average terrace has shot up by 68 per cent in value, rising from an average value of £89,843 in 2001 to £151,332.

Terraced houses are not alone in  showing a massive increase in value over this period but they have significantly outperformed other property types.  Flats and maisonettes are at the bottom of the property price rise league, but are still up 49 per cent over the last decade.

Suren Thiru, housing economist at the Halifax, says: ‘Demand for terraced homes is likely to have been supported by their relatively favourable levels of affordability over the period.” However, whilst families who bought years ago have benefitted from this increase, many are now saying that they could not afford to buy the same property at today’s prices.

(Piggy says “This report puts into perspective the recent downturn in housing prices and offsets to some extent the gloom and doom surrounding the property market.  However, with affordability proving a problem for many households  it looks likely that the demand for good quality rental property will remain high.”)

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