The surprising property type that is driving market growth

The surprising property type that is leading the way in house price growth

Research by park home selling specialists Quickmove Properties, has revealed that when it comes to the property type to have performed best over the last year, park homes have beaten the rest of the housing market with the highest annual rate of house price appreciation.

Quickmove Properties analysed the average (median) value of each property type across the UK market so far in 2023 and how this current average compares to last year.

The figures show that so far this year, the average price of a park home has climbed by 5.8% when compared to the average price paid in 2022, substantially higher than the 0.9% increase seen across the wider bricks and mortar housing market.

When breaking the wider market down by property type, park home price appreciation remains the strongest of all property types. In fact, just detached homes come close, having seen a 2.5% increase in the average price in 2023 versus 2022.

Semi-detached homes have increased by just 1.3%, the average price of a terraced home has remained largely static (+0.1%), while the price paid for a flat has fallen by -0.8%.

But it’s not just the rate of house price growth already seen this year where park homes have outperformed the rest.

The research by Quickmove Properties shows that park homes also outperformed the bricks and mortar market when it comes to the annual rate of growth seen between 2021 and 2022.

Last year, the average bricks and mortar house price boomed by 11.4% as the pandemic property market boom was in full swing. The race for more space saw detached homes put in the best performance, climbing by 12.7%, followed by semi-detached homes (+12.4%) and terraced houses (+11.8%).

While flats were less popular, the average price of a flat still climbed by 6.8% when comparing 2022 to 2021.

However, with modern residential park communities located in spacious rural and coastal settings, and offering ‘socially-distanced’ detached properties, the sector saw the average park home house price climb by 13% between 2021 and 2022.

Sales Director at Quickmove Properties, Mark O’Dwyer, commented:

“Park homes not only remain one of the most affordable property types on the market, but they are also putting in the most resilient performance in the face of wider economic uncertainty.

Having lead the field where house price growth is concerned during the pandemic market boom, they continue to do so in 2023, despite the rate of house price growth now starting to cool.
This market-leading performance is largely down to the fact they offer modern, bungalow-style luxury for a price point that is attractive to discerning silver downsizers.”