THE average price of a flat in the UK has risen by nearly £51,000 (£425 per month) from £157,172 in 2004 to £208,169 today, according to latest research from Halifax.
The 32% increase in the average price of a flat is more than double the 15% rise for all residential properties over the same period. Detached homes (12%) and bungalows (13%) have recorded the smallest rises over the past 10 years.
Whilst flats have increased most in price nationally since 2004, much of this rise is due to the performance of flat prices in London, where flats represent a relatively high proportion of the property market.
Terraced homes have been the best performing property type in the greatest number of regions (five of the 12).
Semi-detached and terraced homes have remained the most popular types of property purchased over the past ten years. These two types represent 60% of all home sales in 2014; up from 56% in 2004. For first-time buyers, semi-detached homes have risen in popularity, accounting for 29% of purchases in 2014 compared with 25% in 2004. Detached sales have fallen from 21% of all property sales to 16% over the past decade.