Cost of next home doubles in 10 years: Housesimple

The cost for a first-time homeowner moving from a flat to a terraced or semi-detached house has doubled since 2008, according to Housesimple.

Data collected by the firm shows that the average cost in 2008 to move from a flat to a terraced or semi-detached house was £37,225. This figure now stands at £75,388.

Housesimple predicts that by 2028 this figure rise to an average of £150,000.

According to the firm, Durham has the lowest cost to move from a flat to a terraced or semi-detached house at £23,318, followed by Nottingham, at £26,561.

In contrast, London records the largest amount, with the average difference in price between a flat and a terraced or semi-detached house at £343,134. This is followed by St Albans, at £218,538.

Housesimple chief executive Sam Mitchell comments: “Those upsizing from a flat to a terraced or semi-detached house face a major jump to transition from a starter home to their family home.

“Despite government commitments to building more stock, family homes remain at a premium.

“The problem is particularly acute in London and the south of England. As a result, migration from London has always been a major driver of house price inflation in commuter towns in the home counties.

“Things look brighter for those living or heading north, where house prices, although on the up, are still in affordable territory; and with healthy local economies in northern cities like Leeds, Sheffield, Liverpool and Manchester, the wealth of job opportunities are attracting homeowners who are looking for a fresh start, a better quality of life, and buying a family home is not just a pipe dream.”

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