As the property market continues to flourish, many industry experts have talked about how the race for space (brought on by the pandemic) changed the nation’s priorities, fuelling an insatiable appetite for larger, more spacious homes, resulting in detached homes outperforming other types of property.
However, research by a UK residential property search website, OnTheMarket, analysed the UK house price data, based on properties Sold Subject To Contract (SSTC) each month and discovered that detached homes are not, in fact, the market leaders this year.
Focusing their research on the four main property types, as defined by HM Land Registry - Detached, Semi-detached, Terraced and Flat - the results were drawn from OnTheMarket’s data, compiled from thousands of estate agent branches and housebuilders who list their properties with the portal every month.
According to their research, in April 2022, the most popular properties in the UK, excluding Greater London, were three-bedroom semi-detached houses, followed by flats, terraced and detached houses respectively. The data remains unchanged when compared to April 2021, with the average asking price of a three-bed semi-detached house increasing from £327,205 in April 2021 to £354,767 in April 2022.
Asking price increase for an average UK house, depending on the property type:
In Greater London, however, the most popular properties in April 2022 were two-bedroom apartments, the same as in April 2021, with the asking price increasing from £801,757 to £1,001,873 this year.
The second most sought-after property type in Greater London was terraced houses, followed by semi-detached and detached houses.
Asking price increase for an average house in Greater London, depending on the property type:
The data from the latest Property Sentiment Index conducted by OnTheMarket, also revealed that despite the increase in interest rates announced by the Bank of England, potential borrowers were very confident about securing a mortgage during April, although this sentiment is weakening slightly.
OnTheMarket chief executive officer Jason Tebb said: ”While the high levels of buyer and seller confidence in April are consistent with the previous two months, there’s also strong evidence emerging of a more stable housing market.”
“The frenzy of the past two years has settled into a more manageable, steady environment, a ‘new normal’ or elevated version of the pre-pandemic market. There are several headwinds, including the rising cost-of-living and the potential for further interest rate rises from the Bank of England; however, these factors have yet to impact sentiment.”
“The challenges of the past two years have ingrained a sense of positivity in the housing market which shows no signs of slowing and as such continues to thrive as serious property seekers get on with the business of moving,” Tebb added.
