Terraces have biggest price increases

Friday, 9 March 2007 12:00 AM

In the last ten years prices of terraced homes have grown faster than any other property type, new figures show.

Terraced homes have experienced a rise of 239 per cent from the last quarter of 1996 until the same time in 2006, going from £54,945 to £186,316.

Over the same period flats and maisonettes rose 235 per cent and semi-detached homes were up 211 per cent.

At the other end of the scale bungalows and detached properties had the smallest price growth, both types of property rising 196 per cent.

Across the UK, the study reveals terraced homes in Northern Ireland have had the biggest price growth, rising 372 per cent in a decade, followed by flats and maisonettes in East Anglia, up 328 per cent.

For detached properties, prices in London have grown faster than any other region. London detached properties are now 237 per cent more expensive than they were in 1996.

Detached homes in East Anglia also had big price increases over the same period, up 223 per cent, along with detached properties in the south-west, up 221 per cent.

"Terraced properties have seen the largest average house price increases in both the last five and ten years. Although the average price of a terraced house is still below the UK all property average, the gap has narrowed," commented, Tim Crawford group economist for Halifax Estate Agents, who conducted the research.

"Our research shows there are big regional differences across certain property types. In many cases this is a result of the availability of property types and the composition of historic housing stock. For instance, the availability and popularity of flats in London is much greater than in other regions of the UK."

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