With sales for detached homes outstripping other property types, new research has revealed where demand for space among the nation's upsizers is currently highest.
The latest research by property purchasing specialist, House Buyer Bureau, has revealed that the South East has seen the biggest influx of detached property for sale stock over the last two weeks. However, it’s the East Midlands that is best set to meet high demand from the nation’s upsizers, with detached homes accounting for 29% of all current stock.
House Buyer Bureau analysed current property for sale stock available across each region of Britain, looking at which areas of the market had seen the biggest influx of detached home sellers over the last two weeks, as well as where detached homes accounted for the greatest degree of available stock.
The pandemic race for space saw demand for detached homes boom and while the average house price across Britain has increased by 23% since January 2020, the average value of a detached home has increased by 29%, outperforming every other property type and now averaging £460,989.
While we may have now returned to normality, the appetite for detached homes remains high. In fact, the analysis by House Buyer Bureau shows that of all detached homes for sale across Britain, 63% have already been sold subject to contract or gone under offer, beating flats (60%), terraced houses (44%) and semi-detached homes (43%) when it comes to current buyer demand levels.
The research by House Buyer Bureau also shows that across Great Britain detached homes account for just 22% of all property for sale stock, although the good news is that 15% of these detached homes entered the market in the last two weeks, boosting the total number of detached homes for sale by +18%.
The South East has seen the largest uplift in the level of detached homes available across the market over the last 14 days, with fresh for-sale stock bringing a 20% increase to the number of detached homes for sale.
Both London and the South West have also seen a 19% increase in the number of detached homes reaching the market over the last two weeks.
However, it’s the East Midlands where upsizers have the best chance of securing a detached property purchase. Across the region, detached homes currently account for 29% of all homes listed for sale.
At 28%, the East of England and East Midlands also provide the best chance of securing a detached home in the current market. In contrast, just 5% of homes for sale across the London market are detached, making it the toughest region for those looking to secure one.
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
“Detached homes soared in popularity during the pandemic as homebuyers looked to maximise the space available to them within their home and it’s clear that this popularity is yet to subside, with detached homes remaining the most in-demand property type in the market.
"However, they only account for around a fifth of all property stock available in the current market and so upsizers face fierce competition when looking to secure their dream home.
"The good news is that there continues to be a steady stream of stock reaching the market but this influx and the wider availability of stock does differ depending on where in Britain you are house hunting.”