Over the past decade, UK residents have been increasingly gravitating towards detached houses, according to data released by Halifax.
The preference for detached properties among home movers has risen from 25% to 32% within the past ten years.
Conversely, the popularity of terraced houses has witnessed the steepest decline, dropping 5% since 2013.
The data also demonstrated a significant surge in the average house price, which has doubled from the 2013 figure, standing at £428,647 in 2023 – a 10% jump from the previous year.
Kim Kinnaird, mortgages director at Halifax, said “The escalating popularity of detached homes mirrors a desire or necessity for additional space.
“Many businesses are continuing to adopt hybrid working, leading people to seize the chance to find homes that align better with their lifestyles in places that were previously impractical due to daily commutes.”
Kinnaird also attributed the trend to families looking for their ‘forever home,’ a space that can flexibly adapt to their evolving needs and lifestyles.
On the other hand, the dwindling popularity of terraced homes might be down to their perceived lack of energy efficiency and mounting energy costs.
The average age of UK home movers has also descended over the years, currently at 39, compared to 41 in 2013.
This implies that an increasing number of younger homeowners are opting for homes that better correspond to their lifestyles, driven in part by flexible working arrangements and the ability to reside in areas previously regarded as impractical due to commuting requirements.
Nevertheless, the total number of home moves in the first half of 2023 has dropped by 29% to 112,459, representing the lowest figure recorded by the Halifax Home Mover Review. Northern Ireland observed the most substantial reduction, with home moves declining by 65%.
Despite these shifts, Kinnaird posits that the reduction in the average home mover age might also indicate that older homeowners are electing to extend their current homes or delaying moves to optimise their equity before downsizing.
