Evolving needs

“People moving houses in Northern England were more inclined towards semi-detached homes, whereas, in London, flats were the most common choice, accounting for 37% of purchases.”

In the past year, detached houses have emerged as the most desired property type among home movers, making up 32% of sales, according to a new survey[1]. This preference marks an increase compared to a decade ago when detached homes accounted for 25% of sales. The highest concentration of movers opting for detached houses was seen in the East Midlands (45%), followed by Northern Ireland (42%).

People moving houses in Northern England were more inclined towards semi-detached homes, whereas, in London, flats were the most common choice, accounting for 37% of purchases. Across the UK, semidetached houses comprised 28% of sales in the past year, while terraced houses and flats accounted for 21% and 12%, respectively. Bungalows made up the remaining 7%.

LIFESTYLE PREFERENCES

The popularity of detached homes is likely due to changing work arrangements and lifestyle preferences. As more businesses adopt flexible working policies, individuals seek homes that offer more space and better suit their evolving needs. Terraced homes, on the other hand, are increasingly viewed as an entry point into the housing market.

Interestingly, the average age of home movers in the UK has decreased to 39, one year younger than the previous year and two years younger than in 2013. This trend could be attributed to the shift towards remote work, allowing younger homeowners to purchase homes in locations previously considered impractical due to commuting constraints.

AVERAGE DEPOSIT

According to Halifax, the average price for a home in the UK has increased by 10% over the last year, reaching £428,647. The South East saw the highest price rise, with the average home costing £591,247, marking a 12% increase. The average deposit made by a home mover has also risen, standing at £150,497, a 47% increase since 2018.

Despite these trends, the number of home moves recorded in the first half of 2023 is down nearly 30% from the previous year, with 112,459 transactions. This figure is the lowest recorded by the Halifax Home Mover Review. First-time buyer numbers also dropped during this period, with 121,712 first-time mortgages completed, around a third fewer than the previous year.

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Source:

[1] This research is based on data from the Halifax housing statistics database as well as UK Finance House Prices. The prices used in this research are simple arithmetic (‘crude’) averages based on 12 months rolling to March in each period. These prices are not standardised and, therefore, can be affected by changes in the sample from period to period. Historic figures on the number of home movers and first-time buyers – who bought with mortgage finance – have been sourced from UK Finance 31/05/23.