Homeowners choose the high life
New figures have shown that the price of flats has risen faster than houses over the past decade.
The Halifax says that the prices of flats has increased by 60% nationwide while the average house has only increased by 34%. The lowest rise was for detached homes, at 21%.
Oddly, the Bank says that the popularity of apartments has actually fallen over the past decade – with flats representing 20% of all property purchases in 2005 compared with 17% in 2015.
However, experts say that is down to one factor – the London effect, according to the BBC Business website.
Apparently the price rises have been driven sales in the capital where flats account for about half of all property sales – and where prices are significantly higher than in other parts of the country.
The Halifax also said that the rise in UK house prices in the year to September slowed to 8.6%, from 9% previously. Between July and September, prices went up by 2% compared with the previous quarter.
The full breakdown for property prices over the past decade is:
* Flats have increased by 60% up to the current average price of £233,424
* Terraced houses up by 41% to £201,535
* Semi-detached up by 32% to £214,524
* Bungalows up by 28% to £233,385
* Detached houses up by 21% to £336,078
We’ve noticed the ongoing demand for our services, especially over the past month as the property market comes back to life after the summer.
Business has continued to be brisk for our surveys and Homebuyer reports as well as architectural design services.
For more details, visit the BBC website at http://www.bbc.co.uk/news/business-34444201 and the Halifax website at http://www.lloydsbankinggroup.com/Media/economic-insight/halifax-house-price-index/
You can also email us at [email protected] and on 02392 697193 for more details about our services.
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New figures have shown that the price of flats has risen faster than houses over the past decade. The Halifax…