23 May

Flats prove in demand across the UK

Flats prove in demand across the UK

Flat prices have increased more than other property types in the UK, reveals new research.

Figures from Halifax show the average flat has risen in price by 53 per cent over the past seven years - compared to 39 per cent for other property types.

Buyers looking to stretch their budget should consider moving away from London, with the average flay in the north selling for £116,885, followed by £124,734 in Yorkshire and the Humber.

The mortgage provider revealed the average price of a flat in the capital is now £230,894 more than the average flat in the rest of the country - with a typical flat in London costing £398,038.

Since 2010, the average price of a flat in the UK has increased by £84,644 - equal to £1,008 per month.

Terraced houses have also proved popular with buyers, with an increase of 43 per cent in the average selling price. Overall, terraced and semi-detached homes accounted for 60 per cent of all property sales in 2016 and are often the initial step on to the ladder for first-time buyers.

"Nationally, terraced and semi-detached homes are the most affordable and popular homes with buyers accounting for 60 per cent of sales during 2016. However average price growth for flats, helped by the London market, have outperformed all other property types since 2009," said Martin Ellis, Halifax housing economist.

"There has been an increasing trend for first-time buyers to choose semi-detached homes over the past seven years, whilst terraced homes have shown a decline in popularity. The rise in the age of a typical first-time buyer may partly account for this change in preference towards the family friendly semi," he added.ADNFCR-1222-ID-801836120-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.