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Flat prices up almost £85,000 since 2009

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22/05/2017
Flat prices in the UK have risen by more than 50% in the past seven years, research reveals.

The average cost of a flat stood at £243,936 at the end of 2016, up from £159,292 in 2009 – an increase of £84,644 or 53%.

This is significantly greater than the 39% rise for all other property types over the same time period, according to the study by Halifax.

Terraced homes recorded the next largest increase in average prices with a rise of 43% and detached homes the smallest rise of 19%.

The report said the dramatic spike in flat prices nationally was driven by London flat prices rising by a staggering 65% in seven years. In the capital, where flats represent just under half of all sales, the average price is £398,038, compared to £167,144 in the rest of the UK.

Terraced and semi-detached homes remain the most popular property type, representing 60% of all home sales in 2016.

While terraced properties remain the most popular property type for first-time buyers, the proportion of sales has fallen over the past seven years from 42% to 37%, the research said. In contrast, semi-detached properties have become more popular, accounting for 30% of purchases in 2016, up from 28% in 2009.

Martin Ellis, Halifax housing economist, said: “There has been an increasing trend for first-time buyers to choose semi-detached homes over the past seven years, whilst terraced homes have shown a decline in popularity. The rise in age of a typical first time buyer may partly account for this change in preference towards the family-friendly semi.”

 

Halifax-property-graph (002)

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