The Most Popular Property Types Of Past Decade

9th June 2021 posted in PROPERTY NEWS

At Country Properties, we like to stay in touch with the latest studies and news about the housing market. However, we also like to consider this news with respect to the local housing market.

A recent study has highlighted the most popular property types of the past decade, and we like to examine this sort of information in relation to the local market.

A quick review of the properties listed for sale in Letchworth Garden City on Rightmove at the start of June provided the following information:

  • A total of 98 properties are listed for sale in Letchworth Garden City
  • 11 of these properties are listed as detached properties
  • 11 of these properties are classed as semi-detached properties
  • 17 of the LGC properties are listed as terraced properties
  • 50 flats are listed for sale in Letchworth Garden City
  • 9 bungalows are listed for sale in the local area

While this is just a snapshot of the LGC housing market at one moment in time, it provides useful insight into the market. Around half of the properties currently listed for sale are flats, while detached properties make up around 10% of homes for sale in the local area.

Detached homes have increased in value considerably!

Research undertaken by Warwick Estates highlights the performance of property types in the past 15 years.

Since 2006, the following changes have occurred in the value of property types across England:

  • Detached homes have increased in value by 63%, which equates to an increase of £158,165
  • Semi-detached properties have risen in value by 60%
  • Terraced homes have grown in value by 62%
  • Flats have increased in value by 57%

All property types offer a solid investment

It won’t be a shock to learn London has seen the largest rise in value, but all areas have benefitted from an uptake:

  • Property in London has seen a growth of 119% in 15 years
  • The South East of England has experienced growth of 81% in this time
  • South West properties have risen by 60% in this time
  • Properties in the East Midlands have increased by 55%

The North East has experienced the poorest level of growth, only increasing by 19%.

Emma Power, COO of Warwick Estates, commented: “Detached properties appear to be flavour of the month right now with buyers keen to find bigger homes in the wake of COVID-19 lockdowns. But this data shows us that the important role detached homes now have in driving our market forward is not a new phenomenon: they have long been the backbone of residential property. The vast gulf between growth in London and growth in the North East is, of course, concerning as it highlights, once again, something we’ve known for a long time about the very different fortunes of our northern and southern markets.”

Emma concluded by saying; “But, we can feel quite optimistic that things will soon have more balance as, in recent months, the North East has shown some very strong growth while London’s market has sputtered. It won’t remain that way for long, of course, but as we move forward, I’m hopeful the gap will be somewhat narrower.”

Currently, in line with Government guidelines, our Letchworth Garden City branch is open and our and lettings personnel are here to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email ian.ellmers@country-properties.co.uk.