Research from the Halifax has revealed that the average price of a flat has risen £730 per month over the past decade from £145,874 in 2005 to £233,424 today.
The 60% increase in the average price of a flat is significantly higher than the 38% rise for all residential properties over the same period. However, a big proportion of the national rise in flat prices since 2005 is due to the rapid increase in flat prices in London (67%), where flats represent a relatively high proportion of the overall property market (49% of sales compared with the UK average of 17%).
Detached homes (21%) and bungalows (28%) have recorded the smallest rises over the last ten years.
A typical flat currently costs less than £120,000 in the North, East Midlands, Wales and Yorkshire and the Humber, and between £120,000 and £145,000 in the North West, West Midlands, Scotland and East Anglia. At £370,281, a typical London flat is considerably more expensive than flats anywhere else in the UK.
While flats have been the best performing property type over the past decade in Greater London, Scotland and the South West, there are regional differences.
Semi-detached properties have risen most in value in the South East, East Anglia and the East Midlands, whereas terraced homes have been the best performing property type in five of the 11 regions (North, North West, Yorkshire and the Humber, West Midlands and Wales).
The average price of a terraced home is between £119,000 and £143,000 in all regions outside southern England.
Source: Property Reporter