New data from the Halifax shows that UK flats have increased in value by £394 per month over the last decade, rising from £133,483 to £180,799 since 2003.
Of the property types examined, flats saw a 35 per cent increase, while terraced houses enjoyed a 32 per cent rise. Detached properties rose in value by 17 per cent, which, while modest compared to the other types, still means detached homes are worth on average £200,000 – in all UK regions.
In all regions flats saw the largest increases, except for the West Midlands where bungalows came out on top, and the South East, where semi-detached properties saw the most dramatic rise.
The research also offered other illuminating facts: typically, an East Midlands flat cost £86,655, while flats in the North, Yorkshire and the Humber and the West Midlands were on average less than £110,000.
Perhaps unsurprisingly, London flats are the most expensive, averaging £286,993 – but this is the most affordable property type in the capital.
An average semi-detached home in Scotland, Wales, the North, Yorkshire and the Humber and East Midlands costs between £130,000 and £140,000, while in East Anglia one typically costs £164,000. The figure rises to £186,000 in the South West, £243,000 in the South East and £378,000 in London.
Martin Ellis, housing economist at Halifax, pointed out that different property types have been faring better at certain points in the last 10 years. Detached properties and bungalows did best during the worst of the downturn (2007-2009) because such types were less in demand from first time buyers, who were badly hit when credit dried up.
As the overall property market has picked up, detached and semi-detached properties have not performed as well as terraces and flats.
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