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Property drought? Apartment prices leap as first-time buyers return
Apartment prices have risen by over £50,000 on average in the past ten years – more than twice the average for all properties.
The reason that flats nationally have outperformed all other types of property has been because of London prices. Flats in London represent a high proportion of the property market.
The average price of a flat in the UK has risen by nearly £51,000 (equating to a surge of £425 per month) from £157,172 in 2004 to £208,169 today, according to latest research from Halifax. The 32% increase in the average price of a flat is more than double the 15% rise for all residential properties over the same period. Detached homes (12%) and bungalows (13%) have risen least in price over the past decade.
Terrace homes have been the best-performing property type in the greatest number of regions (five of the 12): North-West, Yorkshire and the Humber, West Midlands, East Midlands and East Anglia.
Semis and terraces have remained the most popular types of property purchased over the past ten years. These two types represent 60% of all home sales so far this year – up from 56% in 2004. Detached sales have fallen from 21% of all property sales to 16% over the past decade.
The trends became more pronounced in the past five years, with prices improving across all property types since 2009. The prices of flats again leaped most, by 43%. Terraces went up 31% and bungalows went up least, by 15%. The last ten years have, of course, included a severe market crash between 2007 and 2009.