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Terraced house prices see biggest increase

The average price of terraced homes in the UK has risen by more than any other type of property over the last ten years, according to new Halifax research.

Based on Halifax’s own data, owners of terraced properties have seen the value of their property rise by an average of £118 a week over the past decade, with the typical price of a terraced home increasing by 68% (£61,489) from £89,843 in 2001 Quarter 2 to £151,332 in 2011 Quarter 2.

Despite terraced properties recording the strongest price growth over the past decade, they remain the most affordable property type. The price of an average terraced property is 15% below the average UK house price of £177,740, and 45% lower than the price of the average detached home of £273,173.

Terraced homes also saw their share of all house sales rise by more than any other property type over the past decade, increasing from 31% in 2001 to 34% in 2011. In contrast, detached homes were the only property type to see a drop in their share of all sales since 2001, declining from 21% to 14%. This decline was driven by a large drop in the proportion of home movers buying detached homes (from 30% to 22%).

Semi-detached and terraced homes have remained the most popular types of property purchased over the last ten years. These property types represent nearly two-thirds (63%) of all home sales in 2011; up from 59% in 2001. For first-time buyers, semi-detached homes have risen in popularity, accounting for 29% of purchases in 2011 compared with 26% in 2001.

Flats have been the worst price performer over the last ten years, recording the smallest price growth over the decade to 2011 with the value of a typical flat rising by 49%. This relative under performance largely reflected an over-supply of this type of property in some parts of the country.