Are you able to afford to proceed to a bigger home?

The price of detached homes has soared by 10% within the space of a year, with buyers now paying a lb200,000 premium to upsize to a bigger property.

New research by Halifax finds that detached properties are rising on price significantly more quickly than flats, terraced houses and semi-detached homes.

Here, Which? explains why bigger properties have grown to be more popular, and analyses how much you might need to invest to upsize to a larger home in 2021.

Prices of detached houses rise by 10% in 2021

Homeowners residing in flats spend typically lb56,000 to upsize to some terraced home, while those who work in terraced properties spend lb85,000 to maneuver to semi-detached homes.

The step between a semi-detached and detached house is the toughest to tackle, with buyers needing to spend lb199,000 more to secure a bigger property.

Ongoing rises internally costs are which makes it even more complicated for upsizers. Halifax says house prices for existing home movers rose by 6.4% in 2021, in contrast to 4.5% for first-time buyers.

How much do bigger homes cost in your region?

Halifax’s researched centered on UK averages, but the amount you’ll pay when upsizing varies significantly depending on where you live.

We’ve used data from the Land Registry to crunch the average prices paid by homebuyers purchasing various kinds of houses round the UK (equivalent information is not available for Northern Ireland).

You may use the interactive chart below to discover just how much you will need to pay to maneuver to a bigger home inside your region.

Why are detached houses becoming more expensive?

House costs are rising on all types of home, but there are a handful of reasons why the price of bigger properties is growing a lot more quickly.

COVID-19 and the future of home working

First of, the pandemic – and the prospect of a new method of employed in the future – has affected homebuyer priorities.

Buyers are increasingly seeking to move away from expensive cities looking for a better standard of living and much more space.

This has been led through the likelihood that lots of workers is only going to need to commute to their office a couple of times a week in the future, giving them the liberty to maneuver further away.

The stamp duty holiday

The government’s temporary cut to stamp duty can also be apt to be a significant factor.

The tax break means that buyers in England and Northern Ireland can help to save up to lb15,000 when they move home – using the maximum savings on offer to those investing in a property for lb500,000 or even more.

This may have resulted in more buyers stretching their finances to seek out a bigger ‘forever’ home earlier than they may have originally planned.