Posted 13 Jun 2017
Recent data and research by the Halifax using its own house price index shows the average price for a UK flat has grown by 53% over the last 7 years compared to 39% against all other property types.
(Ipswich Docks, 2017)
Terraced houses show the next biggest gain recording an average rise of 43% followed by semi-detached homes with their combined popularity both realising 60% of all home sales in 2016.
The Halifax reports that outside of London, flats are currently the most affordable property type in the UK averaging £167,144, followed by terraced homes at £185,166.
On average, flats in the North cost £116,855, followed by Yorkshire and the Humber at £124,734 with the East Midlands coming in at £123,561. The lowest, affordable property type in London is a flat. In fact, the average price of a flat in London is £398,038, which is £230,894 greater when looking at the rest of the UK at £167,144.
Halifax housing economist, Martin Ellis commented
“Nationally, terrace and semi-detached homes are the most affordable and popular homes with buyers, accounting for 60% of sales during 2016. “However, average price growth for flats, helped by the London market, have outperformed all other property types since 2009.
“There has been an increasing trend for first-time buyers to choose semi-detached homes over the past seven years, whilst terrace 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.”
A full summary of the key points, facts and figures from can be found on Property Wire, click here to read more.
by Luke Golding