Detached family homes defy national trend as prices increase

Statistics from the Department for Communities and Local Government have revealed that the average value of a detached family home has risen, in direct contrast to the average UK downturn in property prices.

According to figures recently released by the government, between December last year and January 2009, the cost of a detached house increased by almost 5%, causing average prices to rise by 0.2% for the month. Meanwhile, other types of property across the UK were found to have experienced price falls. In the year to January 2009, the national average property price declined by 11.5%.

Between December 2008 and January 2009, terraced homes were found to have fallen in price by 2.3%, while the average price of a flat decreased by 1.8%, semi-detached properties by 0.4%, and bungalows by 0.9%.

The reported rise in the price of detached family homes has been attributed to the short supply of these types of property versus the level of demand from those purchasers who have equity from the sale of their previous property or access to ready cash.

"Everyone has had their confidence knocked, but those at the top of the market with more equity in their home can still secure finance," commented the director of research at Hometrack - the housing intelligence business.

Source: Times Online | Last updated: 18th March 2009

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