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Family house value rises £91 per day
Wed, 08 Feb, 2012
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Family house value rises £91 per day
Wed, 1 Sep 2010, 11:52:00
Owners of family houses had most to smile about from the recent rise in property prices as their value rose faster than all others, according to mortgage lender Halifax. Homeowners with detached family properties saw the value of their houses rise by 13% in the year to June or around £91 a day, Halifax estimates. The value of an average detached house is now £299,295, the lender says, 63% more than the average UK house price. Other property owners saw price gains of between 8% and 9% during the last twelve months. Over the past ten years, the picture shifts slightly with semi-detached property prices rising most, by 111% since 2000. Terraced houses are up 110%, just ahead of bungalows while the value of detached homes increased by 102%. Flats did worse, though prices still increased by an average of 81% since 2000. "Although the price of all property types has been boosted by the combination of historically low interest rates and lack of properties available for sale over the past year, it is notable that detached homes have seen the largest average price rises," Suren Thiru, Halifax housing economist, said. "Such properties are likely to have benefited from greater demand from those buyer groups currently most able to enter the housing market," she added. Semi-detached and terraced homes were the most popular properties bought in the year to the end of June, accounting for 61% of all sales, up from 58% in 2000. Bungalows were the least popular accounting for only 7% of transactions.
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