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Space Even More Important In Housing Market

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Mon 19 Jun 2023

Space Even More Important In Housing Market

Information from Halifax suggests detached homes were the most sought-after by buyers in the last 12 years. These homes accounted for 32% of property sales, a significant increase on the 25% of the market they held ten years ago. With close to one-third of house sales being detached homes, it is clear buyers are looking for space.

This isn’t a surprise.

The pandemic altered what people want from their homes, and space is more important than ever. Given that people have always wanted as much space as they could afford or justify, it’s not as if this is a new thing. However, with space being even more important, this trend will likely continue.

At Coakley & Theaker, we stay in touch with the latest trend and news to ensure you make informed decisions whenever you move into the housing market.

Kim Kinnaird, mortgages director at Halifax, commented: “The growing popularity of detached homes reflects a desire or need for more space. With many businesses continuing to embrace hybrid working, we’ve seen people take the opportunity to find homes that better suit their lifestyles in locations that might not have been practical with a daily commute to consider. It is also true that detached homes often come as a later step on the housing ladder for many and, when the opportunity arises, families will choose a home that gives them space to settle and grow over a longer period – a ‘forever home’, which will be a more flexible space for their changing needs and lifestyles.”

Kim concluded by saying: “In contrast, the falling popularity of terraced homes reflects how they are increasingly seen as a first rung on the housing ladder. The relatively poor energy efficiency of many older terraced homes could also be a factor when buyers are looking at household running costs as energy costs look set to remain high.”

How are house prices in Bury St Edmunds?

As of the end of May 2023, Rightmove says house prices in Bury St Edmunds are as follows:

Properties in Bury St. Edmunds had an overall average price of £358,678 over the last year.

The majority of sales in Bury St. Edmunds during the last year were terraced properties, selling for an average price of £315,605. Detached properties sold for an average of £525,452, with semi-detached properties fetching £324,259.

Overall, sold prices in Bury St. Edmunds over the last year were 8% up on the previous year and 10% up on the 2018 peak of £326,725.”

According to Zoopla, “The average sold price for a property in Bury St. Edmunds in the last 12 months is £351,272.”

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.