Bigger homes driving house price growth

Detached properties have increased in value by more than £100,000 over the last five years, says a new report from Halifax. Detached houses saw the highest growth of +29.6% over the last five years (vs +23.7% in the preceding period), adding more than £100,000 to the average value since 2020.

As easing interest rates improved mortgage affordability, annual property price growth reached +3.7% in January 2025, up from just 1.0% at the start of 2024. In cash terms, prices increased by £10,431, with the average cost now at £294,818, surpassing the previous peak in August 2022 during the pandemic-era property boom.