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Terraces see highest house price rise

Tuesday, 27 September 2011 3:26 PM

Terraced homes have risen more in price than any other type of property over the last decade, according to new research from the Halifax bank.

The Halifax Property Type Review says the price of terraced homes rose 68 per cent from £89,843 in the second quarter of 2001 to £151,332 in the second quarter of 2011. That works out at £118 a week.

Bungalows were just behind with a 68 per cent increase followed by semi-detached houses with 62 per cent and detached houses with 56 per cent.

However, flats were the laggards with an increase of 49 per cent, which Halifax says reflects an over-supply in some parts of the country. Half of all the new homes built in 2008/09 were flats compared to just 20 per cent in 2000/01.

Yorkshire and Humber and Scotland have seen the biggest price rise across the five property types since 2001, while London saw the smallest gains.

Suren Thiru, Halifax housing economist, 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 favourable levels of affordability over the period."

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