Flats Rise in Price Fastest
According to the latest research from Halifax, average UK flat prices have increased by 53%, from ₤ 159,292 to ₤ 243,936, over the previous 7 years.
Terraced residences have seen the next biggest rise in average prices with a surge of 43% typically over the past seven years, whilst detached residences have actually seen the smallest increase at 19%.
The quickly rising asking price for apartments has actually led to this residential property type pulling ahead of others in the UK, up 53% in comparison to the national average of 39%. This solid rise is likely as a result of the rapid boost in flat costs in the London, at 65%. In London, apartments represent 48% of all sales, substantially above the UK average of 11%.
In London the average cost of a flat is ₤398,038, resulting in customers paying out ₤230,894 greater than flat buyers across the remainder of the country.
When London is omitted from the results, rate rises is most considerable for terraced residences at 41%, with apartments in 2nd location at 35%.
In the North 31% of sales were apartments, whilst in the North West it was 37%. Yorkshire as well as the Humber, the South West and also Scotland were 30%, 33% and 21% specifically.
Halifax real estate economist, Martin Ellis, stated: ‘Nationally, terraced and also semi-detached homes are the most cost effective and preferred homes with purchases making up 60% of sales during 2016. Nonetheless, typical rate development for apartments, assisted by the London market, have actually outmatched all various other property kinds considering that 2009. There has actually been a boosting fad for first time buyers to choose semi-detached residences over the previous 7 years, whilst terraced homes have actually revealed a decline in popularity. The surge in the age of a typical first time customer might partly represent this change in choice to the family-friendly semi.’