Terraced trend increases over ten years
Property price increases have been the greatest for terraced houses as compared to all other types of property in the UK over the past decade, according to a new report by Halifax estate agents.The price of an average terraced house has risen by 239 per cent from £54,945 in 1996 to £186,316 last year. The average increase for all types of property was 205 per cent overall.Terraced houses still have the lowest average price of all property types, but the gap between prices has narrowed in the decade because of their comparatively higher inflation. In 1996 the average terraced property in the UK was worth only 77 per cent of the value of the property average, but by 2006 the disparity had tapered with an increase to 85 per cent.Tim Crawford, group economist for Halifax, said: "Terraced properties have seen the largest average house price increases in both the last five and ten years. Although the average price of a terraced house is still below the UK all property average, the gap has narrowed."He added: "Despite the strong growth in the price of terraced properties, detached houses still have the highest average price of all property types. The average price of a detached property in the UK is now £326,396, compared to £110,240 at the end of 1996."
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