Terraced houses show biggest 10-year price increase

04/11/2011

The cost of a terraced house has risen more than any other kind of home over the last 10 years, according to research by the Halifax.

It’s thought the reason is because the recession has made larger properties too expensive for many buyers.

The Halifax figures show that over the last decade, the price of the average terraced property rose by 68.4% to £151,332. Over the same period, the average cost of a home rose by 52.8% to £177,740.

It means that a terraced home is now 45% cheaper than the average detached home, which costs £273,173.

Terraced houses have also increased their share of the market, accounting for 34% of all sales compared with 31% 10 years ago. Over the same period, detached houses saw a reduction in sales from 21% to 14%.

A spokesman for the Halifax said: "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 favourablelevels of affordability over the period. The rapid house price rises during much of the 2000s priced many potential home movers out of the upper end of the UK housing market."

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