The dream of owning a detached home is alive and well, even if it means digging deeper into our pockets. It seems Brits are happy to pay a hefty premium for extra space and privacy – with detached properties now £170,000 more expensive than semi-detached homes.

According to Lloyds Bank, a third of movers opted for detached properties last year, compared to 29% a decade ago. Estate agents Hamptons reveal the average detached home now costs £448,000, that’s almost 60% more expensive than a semi!

Home movers are driving the trend

Interestingly, it’s not first-time buyers fueling this surge. Lloyds Bank states existing homeowners are the ones clamouring for detached properties, with Rightmove reporting a 17% jump in inquiries for these homes compared to last year.

Regional differences emerge

While the allure of detached living is widespread, some regions are witnessing a particular surge. In the East Midlands, for instance, detached homes accounted for a staggering 50% of all sales. Meanwhile, semi-detached properties remain the top choice in the North West and Yorkshire.

Terraced houses lose their appeal

The shift towards larger homes is evident in the declining popularity of terraced houses. Only 14% of movers opted for these properties, compared to 24% ten years ago. Greater London is the only area bucking this trend.

What’s behind the shift?

Amanda Bryden, head of mortgages at Lloyds Bank, suggests the desire for larger living spaces and greater privacy is driving this trend. As people spend more time at home, having that extra space has become increasingly desirable.

What does it mean for first-time buyers?

This trend could be good news for first-time buyers. As more homeowners move up the property ladder, it frees up properties like terraced houses, potentially creating more opportunities for those looking to get their foot on the ladder.

Home movers paying a premium

The average price for a home mover currently stands at £392,107, a 20% jump since 2019. With an average deposit of £129,951 (up by a fifth since 2019), it’s clear that moving home comes at a cost.

What’s next for the market?

Experts at Zoopla predict a 2% rise in house prices by the end of the year. With mortgage approvals remaining stable, the market seems to be defying expectations.

All eyes are now on the Bank of England’s Monetary Policy Committee meeting. Will they raise interest rates or offer some relief to borrowers? The decision is likely to have a significant impact on the property market in the coming months.