According to new research, the average price of a flat in the UK has increased by £75,074 over the last five years – an amount equivalent to just over £1,250 per month.
The data from the Halifax and reported on PropertyWire also highlights that:
- while flats account for just 15% of all home sales, the average price has grown from £157,061 in 2013 for a flat to £232,135 in 2018;
- six in every 10 property sales last year were either terraced or semi-detached properties, and attracted a 39% increase in value – versus flats which increased in value by 48% in the same period;
- terraced homes have seen average prices rise by £60,482 (41%) – this is the second largest increase in percentage terms, since 2013
- the smallest increase in value was seen in detached homes, whose value increased by an average £73,638, or 27%.
The study also showed that the most affordable property type in the UK overall is a terraced home, with an average price of £208,311 (except for outside of London where flats are the most affordable properties at £166,386 then terraces at £184,529).
A spokesman from the Halifax said: “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 home buyers”.
He added that more than a third of first time buyers are still choosing terraced homes as their first step on to the property ladder.