You are here: Home - Mortgages - First Time Buyer - News -

Flat prices up almost £85,000 since 2009

0
Written by:
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)

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Ford
Ford Money launches savings accounts paying 4%

Ford Money has today launched two savings products, both paying 4% AER, thrashing competitors’ offerings and rising to the top...

Close