There has been a significant rise in the average price of flats in the UK over the last five years, with average prices rising from £157,061 in 2013 to £232,135 in 2018. This is equivalent to £1,252 per month, research by Halifax has revealed.
Flats currently account for around 15% of all home sales, while either terraced or semi-detached properties, which are currently more popular, account for around 60% of all sales. However, flats have increased in value by 48%, compared to 39% for all property types over the same period.
Terraced properties apparently remain the most popular property type among first-time buyers. However, the proportion of sales has cooled slightly over the past five years from 40% to 37%, whilst the popularity of detached properties has increased from 6% to 8%.
Terraced homes remain the most affordable property type in the UK, with an average price of £208,311, followed by semi-detached (£225,123) and flats (£232,135). It’s a different story outside London, as flats are the most affordable properties (£166,386), followed by terraces (£184,529).
“Although flats have recorded greater price gains over the past five years than any other property type, semi-detached and terraced homes have remained the most popular choices for homebuyers,” said Russell Galley, Managing Director, Halifax.
“More than a third of first-time buyers are still choosing terraced homes as their first step on to the property ladder, but we’re starting to see more of them choose detached houses, as the number has crept up in recent years,” he added.
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