Flats have increase in price more than any other property type over last few years
Flat owners have seen their properties increase by more than a £1000 per month since the financial crash. An average apartment now costs £237,233 up 57% since the crash in 2008. There average property including flats and houses has grown 37% in the same period.
The overall average price of a property in the UK is now £238,427, according to the latest data from the Halifax Price Index.
However in London flats are now up 62% with a penthouse selling at One Hyde Park London for £120million recently. Half of all sales in London are for flats compared to 17% for the rest of the country.
Martin Ellis, housing economist at Halifax, said: “The high prices being paid for London flats have had a significant impact on the national picture when it comes to property type winners and losers.
“This is the result of more flats being sold in the capital and at the higher end of the market.
“Such is their popularity that flats continued to outperform other property types in the capital last year, with an annual price growth of 17 per cent by the end of 2015.”
Mr Ellis added: “Semi-detached and terraced homes have remained the most popular property types amongst purchasers, and increasingly so for first-time buyers.
“Whilst many might expect a flat to be the most typical first step on the housing ladder, it is clear that this is shifting with more and more first-time buyers bypassing this option, choosing a semi-detached house instead.”