As Britons spend more time at home, it has become clear that many homeowners have reassessed their property needs. Small gardens and pokey living spaces just don’t cut it with whole families now working from home. The number of people now looking for properties with a garden has hit a record high, according to Rightmove.
In England and Northern Ireland, properties up to the value of £500,000 are not charged stamp duty.
The holiday was extended until June 30, 2021 when the threshold will then drop to £250,000.
Halifax also found that detached homes saw a ten percent price jump over a year-long period.
The average cost of a detached property in the UK reached £486,595 in December 2020.
That’s a whopping increase of £43,364 since December 2019.
Russell Galley, Managing Director at Halifax, said: “As many continue to work from home, this has led to a significant increase in demand for bigger properties, which has likely driven the boost in price we’ve seen in detached homes versus other property types.”
The Office of National Statistics’ (ONS) latest UK house price index, which was released last week, also suggested that the pandemic has made buyers reassess their housing preferences.
Their data showed that the average house price of detached properties has increased by 8.6 percent in the year to January 2021.
Meanwhile, flats and maisonettes only saw an increase of 2.6 percent over the same period
CEO of Keller Williams UK, Ben Taylor, said bigger homes are the “driving force” behind the UK’s house price growth.
He also said detached and semi-detached homes are seeing larger rates of annual growth.
He added: “While we have an exit plan out of lockdown, you will forgive many for preempting another stint at some point and so buyers are still prioritising more house, outdoor space and greener surroundings when looking to buy.
“Not only are these property types more expensive, but buyers and acting with that little bit more in the bank due to a stamp duty saving and that’s why we’ve seen such consistent increases in house price.”