Asking prices for flats in the U.K. have climbed 48% in the last five years, increasing more in value than any other property type in the region, according to a new report released earlier this week from Halifax.
Since 2013, the average asking price for a flat has increased £75,074 (US$100,878), the equivalent to £1,251 (US$1,681) per month, said the bank and mortgage lender’s report.
Flat prices in London—which have more than doubled over the last five years—have contributed significantly to the national increase. The average price of a flat in the city now stands at £393,235 (US$528,399), while across the U.K. the figure is a far more modest £232,135 (US$311,925).
But despite their rise in value over the last few years, the popularity of flats appears to be waning, the report said. They are the best performing property in only two out of 11 regions—in the North West of England and the South East of England—and nationwide, account for just 15% of sales, according to Halifax.
“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, Halifax managing director, in the report.
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Terraced and semi-detached properties both account for 30% of sales, the report said. They have risen in value 41% and 39% respectively.
Detached properties logged the lowest five-year price increases, as asking prices rose 27%.
The average asking price for all properties in the U.K. rose 39% since 2013.
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