Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Average Price of a Flat Rises Sharply
The UK has seen a significant rise in the average price of flats, according to recent research by Halifax. The analysis found that flat prices have risen on average by £86,474 (£1,029 per month) since property prices were at their lowest in late 2008 – from £150,749 in Q4 2008 to £237,223 at the end of 2015.
The 57% increase in the average price of a flat is significantly higher than the 37% rise for all residential properties over the same period. Additionally, it means that buyers are on average now paying almost £20,000 (£17,978) more for a flat than for a semi-detached home, meaning only detached properties and bungalows command a higher price nationally.
Detached homes recorded the smallest rise (20%) over the past seven years, while terraced and semi-detached houses saw price rises of 38% and 34% respectively since 2008.
A considerable proportion of the national rise in flat values since 2008 is apparently due to the rapid increase in flat prices in London (62%). Flats represent a much higher share of the property market there than elsewhere; half of sales in the capital (50%) are of flats compared with the UK average of 17%.
If London performance is excluded, then price growth is greatest for terraced homes (31%); closely followed by semi-detached houses (29%). Both have outpaced flats (26%). Detached home properties remain the worst performer (19%) on this basis.
Prices have increased by around 20% across all property types since 2013 with the exception of detached properties, which have seen a much lower rise (8%).
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