The latest Nationwide house price index shows detailed breakdowns of the price growth of different property types.

The lender’s most recent data on property types reveals that terraced houses have seen the biggest percentage rise in prices over the last year, with average prices up 4.4% in 2024.

Flats saw a recovery in price growth, recording their best year since 2021, with a 4.0% rise. Semi-detached properties recorded a 3.4% annual increase, while detached properties saw a 3.2% year-on-year rise.

But Nationwide chief economist Robert Gardner comments: “However, if we look over the longer term, detached homes have continued to have a slight edge over other property types, most likely due to the ‘race for space’ seen during the pandemic.

“Indeed, since Q1 2020, the price of an average detached property increased by nearly 27%, while flats have only risen by c15% over the same period.”

Overall, the Nationwide says the housing market has enjoyed a strong start to 2025 with average prices up 4.7% over the preceding 12 months.

Northern regions saw higher price growth than southern regions, with Northern Ireland actually being the best performing area for second year running, with prices up 7.1% over 2024. East Anglia was the weakest performing region, with prices up 0.5% over the year.

But there’s a warning of a rocky up-and-down year ahead for the market, thanks to high volumes of transactions expected before April’s stamp duty threshold changes – then following by a slump in activity in the spring.

In response Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Prices have been stronger for cheaper properties and areas but overall more choice has prompted a better balance between supply and not just demand but increasingly proceed-able demand.

“Boxing Day was a good example – a much lower proportion than usual of nosy neighbours as buyers and sellers come to terms with the new normal; interest rates unlikely to fall quickly any time soon whereas wage rises are still exceeding inflation.

“We expect this pattern of sales progressing slowly to exchange with little or no renegotiation or fall through to continue with first-time buyers desperately trying to take advantage of the stamp duty concession before the beginning of April.”

Nicky Stevenson, managing director at Fine & Country, adds: “As 2025 unfolds, the urgency of pre-April transactions may ease, potentially leading to a more balanced market. Rising living costs and inflation could encourage some buyers to take a measured approach, but this also creates opportunities for those entering a market that may tilt in favor of buyers later in the year.

“If demand slows due to fewer buyers actively making purchases, sellers may feel pressure to lower prices or offer more favourable terms to attract buyers. This creates opportunities for those still in the market, as they might find it easier to negotiate better deals, potentially making 2025 a ‘buyer’s market’.

“With tax reforms coming into effect and economic pressures persisting, regional disparities may deepen, and the pace of price growth could moderate slightly.

“Long-term demand for housing remains strong, supported by enduring consumer needs. While price growth may slow slightly, this creates space for buyers to explore options, take their time, and make informed decisions.

“Despite some challenges, 2025 presents a chance for the market to stabilise and achieve more sustainable growth. Buyers and sellers alike will adapt, finding opportunities even amid uncertainty and paving the way for a more balanced housing market in the years ahead.”

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