Price of a UK flat up £75,000 over last five years, says Halifax
Despite their waning popularity, the average price of a flat in the UK has risen by a total of £75,074 over the last five years, according to new research from Halifax.
In a report, the mortgage lender said the average price of a flat in Britain has increased 47% since 2013 to hit £232,135 in 2018 and that flats now account for roughly 15% of all home sales in Britain.
Although six in every ten property sales in 2017 were either terraced or semi-detached properties, flats have seen an increase in value of 48% in the last half a decade, compared to a 39% bump for all property types over the same period.
Terraced homes also saw their average price rise by 41%, the second largest increase in percentage terms, while detached homes recorded an increase of £73,638, the largest in absolute terms, but at 27% the smallest increase in percentage terms.
Russell Galley, Halifax's managing director, 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 homebuyers."
"More than a third of first-time buyers are still choosing terraced homes as their first step on to the property ladder, but we're starting to see more of them choose detached houses, as the number has crept up in recent years," Galley added.
Terraced homes remain the most affordable property type in the UK with an average price of £208,311, followed by semi-detached homes and flats.
Flat prices in London have more than doubled over the last five years, contributing significantly to the national increase.
However, outside of London, flats were the most affordable properties at £166,386, despite the report showing that their popularity appears to be waning across several regions.