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Looking for more space in your home?

Spending more time at home working and playing inevitable leads to many looking for more space in their home. Enable’s IFAs not with interest that recently there has been a real surge in demand for larger properties. According to a recent set of research statistics from Halifax, this has caused a rise in the price of detached properties.

MD at Halifax, Russell Galley, said: “We’ve seen a fundamental shift in demand from buyers as a result of increased home working and a desire for more space. There’s now evidence that it’s this push for larger properties that have been driving the mini-boom witnessed in the housing market since lockdown restrictions were first eased over the summer.”

“Analysis based on data from the Halifax House Price Index found that the cost of the largest types of properties in the UK has risen at more than twice the rate than for the smallest homes. Looking at changes in price since March this year, through the period of lockdown and over the summer into September, prices for typical UK detached properties increased by over 5%.

This compares to an increase of 2.5% for a typical flat over the same period and gains of around 4% for terraced and semi-detached properties. Homeowners have found that prices are increasing at a faster rate than first-time buyers. For those buyers moving between houses, prices have typically increased by 4% between March and September. That compares to an increase of 2.4% for first-time buyers.”

This desire for more space despite across the board price inflation is not stopping would-be buyers though. Halifax report that in the three months up to September 2020 they got more mortgage applications than at any time since 2008. If you are looking for more space or looking to downsize Enable’s IFAs of Bishops Stortford can help you look at your options. 

https://www.propertywire.com/news/local-authorities-causing-significant-delays-to-homebuyers/

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