Prices of flats and terraces up by a third
Detached property prices now average over £200,000
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 16 September 2013
Flats in Britain have increased in value by an average of £394 per month over the last 10 years, according to Halifax, from £133,483 to £180,799.
The 35 per cent increase is followed by terraced houses (32 per cent) and then detached homes (17 per cent) which nevertheless still average more than £200,000 in all regions.
Flats or terraces were the best performers in all regions except the West Midlands (bungalows) and the South East (semi-detached).
Martin Ellis, housing economist at Halifax, said: "While prices have risen for all property types, there have been a number of distinct periods of performance in the last 10 years. Bungalows and detached properties fared best during the downturn between 2007 and 2009 as these property types are less popular with first-time buyers who were particularly badly affected by the tightening in mortgage credit criteria and availability at the height of the financial crisis.
"During the recovery since 2009 larger property types such as detached homes, semis and bungalows have underperformed flats and terraces. The demand for such properties has been partly constrained by a widespread lack of equity amongst homeowners who bought for the first time around the peak in the market and who are therefore finding it difficult to finance a move to a larger home."
The research also showed that:
* a typical flat costs less than £100,000 in the East Midlands (£86,655) and less than £110,000 in the North, Yorkshire and the Humber and West Midlands
* London has by far the highest average price for flats, at £286,993, although flats are the least expensive of all property types in the capital
* a typical semi-detached home costs between £130,000 and £140,000 in the North, Yorkshire and the Humber, East Midlands, Wales and Scotland, compared to £164,000 in East Anglia, £186,000 in the South West, £243,000 in the South East and £378,000 in London.
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