ENQUIRE NOW Call 01315000180
existing clients: call 0131 202 5932

News

Sharp Rise in the Average Price of Flats

There has been a significant rise in the average price of flats in the UK over the last five years, with average prices rising from £157,061 in 2013 to £232,135 in 2018. This is equivalent to £1,252 per month, research by Halifax has revealed. 

Flats currently account for around 15% of all home sales, while either terraced or semi-detached properties, which are currently more popular, account for around 60% of all sales. However, flats have increased in value by 48%, compared to 39% for all property types over the same period.

Terraced properties apparently remain the most popular property type among first-time buyers. However, the proportion of sales has cooled slightly over the past five years from 40% to 37%, whilst the popularity of detached properties has increased from 6% to 8%.

Terraced homes remain the most affordable property type in the UK, with an average price of £208,311, followed by semi-detached (£225,123) and flats (£232,135). It’s a different story outside London, as flats are the most affordable properties (£166,386), followed by terraces (£184,529).

“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,” said Russell Galley, Managing Director, Halifax.

“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,” he added.

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property and conveyancing lawyers today.

Increase in Sales of Million Pound Homes
Lack of Funding Leads to Missed Business Opportuni...

Online Enquiry

Contact us using the form below

Invalid Input
Invalid Input
Please select a Legal Service
Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input