Digging deeper into house price changes

Posted in 'Neighbourhood' by Richard Catlin

17 September 2010

The type of house that you live in will have a major bearing on how its value changes over time, according to new figures released by Halifax.

Just as house prices vary dramatically across the UK according to region, property type is also a major factor in determining how quickly prices change.

The Halifax Property Type Review tracks sales by property type, and uses this to build a year-on-year picture of how prices are changing. The latest set of data, comparing the second quarter of 2010 to the same period last year reveals some surprising trends.

The main point to jump out is that the average detached property increased in value by £91 every day over the past 12 months – representing an increase of 12.5% and putting the typical cost at just under £300,000. The average rise across all property types in the same period was much lower, at around 8.5%.

Terraced and semi-detached houses demonstrated the lowest rise in value, but because they make up a far greater percentage of the overall number of properties sold, help to keep the overall rate of growth down.

The research also shows how values have changed over the past ten years – with some staggering figures. Over the course of the decade, semi-detached properties fared best - increasing in value by an average of 111%. The figures support the view that despite the drop in prices brought on by the recession, average values may still be over-inflated, and a second house price crash may now be on the cards.

You can see exactly how average prices have changed according to property type in your area on checkmyfile. Using HM Land Registry data which records the exact prices that properties have sold for, you can see what the current average value of each type of property in your postcode is, and how it has changed over the last 12 months.

It’s completely free to use, anonymous, and you can search as many postcodes as you like.

Check any postcode now