Detached homes have emerged as the preferred choice for homebuyers in Scotland, with their popularity increasing from 27% to 34% over the past decade, according to a report by Bank of Scotland.
In contrast, flats have experienced a decline in popularity, dropping 5% to 17% among Scottish home movers.
The average price paid by Scottish homebuyers has risen by 5% in the last year, reaching £283,479, and represents a significant 64% increase compared to a decade ago.
The appeal of detached houses among Scottish movers surpasses the UK average of 32%. In 2013, only 27% of homebuyers in Scotland opted for detached properties, highlighting the notable shift in preferences.
Semi-detached houses maintained a consistent share of 21% over the past decade. Meanwhile, the popularity of flats, studios, and apartments has diminished, with only 17% of Scottish home movers selecting these types of properties in 2023, compared to 22% in 2013.
Detached homes have also become the top choice for movers in the East Midlands (45%), Northern Ireland (42%), and several other regions across the UK. In the North of England, semi-detached houses were the preferred option, while flats accounted for the majority of property choices in London (37%).
Transaction volumes in Scotland during the first half of 2023 reached 10,380, marking a 29% decrease compared to the same period the previous year.
This decline represents the lowest number of home moves since the pandemic began. Northern Ireland experienced the most significant drop in home moves, down by 65%.
The reduction in first-time buyer numbers in Scotland can be attributed to the conclusion of various support schemes and the impact of rising inflation and interest rates. First-time buyers now make up 50% of homebuyers in Scotland, compared to 37% in 2009.
The average price paid by Scottish home movers has risen by 5% in the last year, reaching £283,479, and is now 64% higher than a decade ago.
The growing popularity of detached homes has contributed to this upward trend. Comparatively, average prices across the entire UK have increased at a slightly faster pace.
Homebuyers in the UK paid an average of £428,647 for their next property, representing a 10% annual increase and a substantial 101% rise since 2013.
In London, home movers faced the highest prices, with an average of £746,599, while the South East of England experienced the largest annual increase of 12% and a 111% surge over the past decade, with prices reaching £591,247.
Graham Blair, head of mortgages at Bank of Scotland, said: “With the house prices paid by home movers in Scotland up 5% in the last year, home ownership is still proving a safe place for investment and is the aspiration of many.
“However, higher interest rates and inflation at levels not seen in a generation put the brakes on the housing market in the early part of this year.
“Looking ahead, industry is already showing greater confidence, and we may soon begin to see signs of a rebounding housing market.”
