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Flats have risen faster than all other property types in seven years

Flats see fastest price rise in seven years

By Maurice Shasha  //  Tue 23rd May 2017
Flat prices have risen faster than any other property type over the last seven years, partly due to rapid rises in London.
Flat prices in the UK have risen by 53% since 2009, largely as a result of a 65% increase in flat prices in London during the same period.

According to research from Halifax, in London, the sale of flats accounted for 48% of all property sales, which compares with just 11% of sales across the UK as a whole.

The average price of a flat in London is £398,038, compared with £167,144 for those buying a flat outside of the capital.

While flat prices are lower than any other type of property in London, flat prices in the capital are far higher than flat prices elsewhere in the UK.

Take London out of the equation, however, and prices increased most for terraced homes at 41%, followed by flats at 35%.

Meanwhile, terraced properties remain the most popular property type with first-time buyers, despite semi-detached properties becoming more popular with first-time buyers.

Martin Ellis, Halifax Housing Economist, said: "Nationally, terraced 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".

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