21 May

Flats 'most affordable' property type

Flats 'most affordable' property type

Flats comprise 14 per cent of all homes purchased in the UK and 16 per cent of the country's total housing stock, according to a new report from Nationwide.

The building society found that apartments are the cheapest of all property types, costing an average of £136,677 - 25 per cent less than the UK average.

However, its research also showed regional variations, with flats in London twice the price of those in the north-west.

Nationwide states that the average flat size is around 750 sq ft, although again this varies according to area, with apartment-dwellers in Scotland enjoying the largest amount of living space.

Age was also found to affect flat size, with those built post-World War Two being the most popular on the market, but also the smallest on average.

In an earlier report, Nationwide identified terraced houses as the preferred property choice among first-time buyers.

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