The average price of a flat has increased by 32% over the past ten years, according to Halifax, which is more than double the 15% rise for all residential properties over the same period.

In contrast, the figures also show that detached homes (12%) and bungalows (13%) have recorded the smallest rises over the past ten 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, says Halifax, where flats represent a relatively high proportion of the property market.

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.

“There has been a significant increase in the number of first-time buyers since 2010 compared with a modest decline in the number of those moving home,” explained Martin Ellis, housing economist at Halifax.  “This difference is reflected in a bigger rise in prices over the past five years for those property types that are most popular with first-time buyers: flats and terraces.”

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