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