As people crave more space at home, it is inevitable many house moves will occur with households moving to a larger property. Therefore, detached properties are likely to be in demand, and in Petersfield, there is a good selection of detached properties for sale.
As of late February 2021, Rightmove had 77 properties listed for sale in Petersfield. Of these 77 properties, 16 were classed as detached properties.
How is the Petersfield market faring?
At this time, Rightmove described the local housing market as;
“Properties in Petersfield had an overall average price of £423,692 over the last year.
The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £354,966. Detached properties sold for an average of £627,628, with flats fetching £221,511.
Overall, sold prices in Petersfield over the last year were 4% down on the previous year and 3% down on the 2018 peak of £436,809.”
As by the Rightmove figures, the average price of detached properties in Petersfield over the past 12 months is £627,628.
At the end of 2020, the average price of a detached property in the UK was £486,595. This is a rise of 10% or £43,365 compared to the end of 2019.
Information provided by the Halifax suggests this is the most notable boom in property in the past 12 months.
There was a rise of 3.19% for flats, equivalent to £4,533, which rose to an average price tag of £146,717
The increase for terraced properties was £11,178, a rose of 5.84%, taking the average price to £146,717
Semi-detached properties rose by 6.26% to £16,930, holding an average price of £287,313.
Russell Galley, Managing Director, 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. Over the past six months, the average UK house price has risen by 6.3%, making it the market’s best half-year performance since early 2007. While this increase is good news for the market overall, it has further widened the rungs on the housing ladder – particularly for those looking to upsize to a detached property – making the jump more expensive than ever before.”
You can expect to pay more for a larger home
Flat owners have been advised they will be expected to pay an additional £55,823 to upgrade their property, and move into a terraced house.
Terraced property owners should expect to pay an additional £84,777 to move into a semi-detached property.
However, anyone looking to move from a semi-detached property to a detached house should be prepared to pay an additional £199,282.
Property price rises in 2020 means house price inflation as of the end of 2020 for property movers stands at 6.4%, and this is higher than it is for first-time buyers, which stands at 4.5%.
Russell added: “While price increases are good news for the market overall, this has impacted home movers looking to upsize, as the gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.