Single-family homes account for nearly a third of mover purchases, according to Halifax
According to an analysis of data from a lending giant, single-family homes were the most popular property type for existing homeowners moving on a mortgage in the year to March.
Single-family homes accounted for nearly a third (32%) of those sales, up from a quarter (25%) a decade ago, according to Halifax.
While detached houses were the most popular choice in several parts of the UK over the past year, apartments topped the list in London and semi-detached houses were the most popular choice in the north of England.
Halifax made the calculations using data from Lloyds Banking Group, which owns the company.
It added that the average age of a UK removal company is now 39, a year younger than 12 months ago and two years younger than in 2013.
The declining age of movers could point to the “race for space” sparked by more businesses embracing permanent homework and younger homeowners looking for homes that better fit their lifestyles, Halifax suggested.
London movers are on average the youngest at 38, while those in Northern Ireland are the oldest at 41, the bank added.
As many companies continue to embrace hybrid working, we’ve seen people seize the opportunity to find housing that better fits their lifestyle, in locations that might not have been practical with the daily commute
The average UK mover’s property cost is now double (101% more) than in 2013, rising from £213,284 to £428,647, Halifax said.
Kim Kinnaird, Mortgage Director at Halifax, said: “The growing popularity of single-family homes reflects a desire or need for more space.
“As many companies continue to embrace hybrid working, we’ve seen people seize the opportunity to find housing that better fits their lifestyle, in locations that might not have been practical with the daily commute.
“It’s also true that for many, single-family homes are often a later step on the residential ladder, and when the opportunity presents itself, families choose a home that gives them space to settle and grow over an extended period of time – a ‘home forever’.” which will be a more flexible space for their changing needs and lifestyles.
Due to the popularity of single-family homes, buyers often face competition when looking for a home, with sellers having the upper hand in price negotiations
“By contrast, the declining popularity of townhomes reflects that they are increasingly seen as the first rung on the housing ladder.
“The relatively poor energy efficiency of many older townhouses could also be a factor when buyers pay attention to household running costs, as energy costs are expected to remain high.”
Commenting on the Halifax report, Nigel Bishop, founder of Recoco Property Search, said: “Due to the popularity of detached properties, buyers often face a competitive home search where sellers have the upper hand in price negotiations.”
Here are mover purchases by property type, according to numbers Halifax inherited from Lloyds Banking Group in the 12 months to March. The numbers exclude first-time buyers and only capture those moving with a mortgage. Figures show rounded percentages for semi-detached houses, followed by single-family houses, townhouses, bungalows and apartments:
– East Midlands, 30% 45% 14% 7% 3%
– East of England, 27% 36% 20% 7% 9%
-London, 20% 7% 33% 2% 37%
– Northeast, 35%, 34%, 19%, 7%, 6%
– Northern Ireland, 31%, 42%, 10%, 13%, 4%
– Northwest, 35%, 31%, 21%, 6%, 6%
– Scotland, 21%, 34%, 18%, 11%, 17%
– Southeast, 25%, 35%, 20%, 8%, 11%
– Southwest, 26%, 31%, 23%, 9%, 11%
– Wales, 29%, 37%, 22%, 9%, 4%
– West Midlands, 35%, 38%, 17%, 5%, 5%
– Yorkshire and Humber, 36%, 31%, 22%, 7%, 4%
– United Kingdom, 28%, 32%, 21%, 7%, 12%
https://www.standard.co.uk/business/money/detached-homes-account-for-nearly-a-third-of-homemover-purchases-says-halifax-b1084112.html Single-family homes account for nearly a third of mover purchases, according to Halifax