Prices for flats increased more than any other property type in the UK since 2009, research from Halifax reveals.

London flat prices

Flat values have increased by more than 53% over the last seven years. This compares with average value increases of 39% for all property types over the same number of years.

Flat prices in London have increased considerably in this time, with rises of 65% recorded due to high demand.

The average price of a London flat is £398,038, and flats account for 48% of all property sales in London. This compares with 11% across the UK as a whole.

However, were London to be removed from the findings, in the UK price rises for terraced homes actually exceeded that of flats, with price growth for terraced homes standing at 41% and flats at 35%.

In the UK as a whole, terraced properties are the most affordable followed by semi-detached, then flats.

Housing Economist for Halifax, Martin Ellis, said: “Nationally, terraced and semi-detached homes are the most affordable and popular homes with buyers accounting for 60% of sales during 2016. However average price growth for flats, helped by the London market, have outperformed all other property types since 2009.”

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About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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