The price of detached homes is rising at more than twice the rate of smaller properties due to a growing desire for space since the COVID-19 pandemic.
Research published by Halifax, in conjunction with IHS Markit, shows that the typical price of a detached home in the UK climbed by more than 5% between the start of lockdown in March, and early autumn (September 2020).
This compares to an increase of just 2.5% for a typical flat over the same period, and around 4% for both terraced and semi-detached properties.
The popularity of larger homes is growing, as working from home becomes a more permanent arrangement for many, while the absence of a commute enables home hunters to widen their search into areas where larger properties can be more affordable.
Property website Rightmove recorded double the number of searches for homes in small towns and villages in September compared