Bungalows hold value
Bungalows have held their value better than any other property type since the financial crisis started.
Over the past five years, the typical price of a bungalow has dropped by 19% to £185,365, compared with a sharper typical 21% decline in the value of a detached property and a 24% fall in the price of a semi-detached home, Halifax found.
Terraced houses and flats were the worst performers, with 28% and 25% being knocked off their value respectively since 2007, which the study put down to the struggle faced by many first-time buyers in entering the market.
Terraces and flats account for nearly two-thirds of first-time buyer purchases, but this sector of the market has struggled to get on the £ £property££ ladder as lenders have tightened their borrowing criteria and the choice of low-deposit mortgages has shrunk in recent years amid the weak economy.
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Martin Ellis, housing economist at Halifax, said properties such as bungalows and detached homes have probably held their value better because they are less reliant on the first-time buyer market.
He added: "One benefit of the decline in prices has been that flats and terraced houses can now typically be bought for less than £100,000 in some parts of the country.
"This is a far cry from five years ago when little was available below this price.''