Britain's flats have increased in value by an average of £394 per month over the past decade, the largest increase in cash terms of any property type, according to latest research from Halifax.
As a result, the average price of a flat has risen by almost £47,500 from £133,483 a decade ago to £180,799 today.
The 35% increase in the average price of a flat is closely followed by terraced houses (32%). Detached homes have recorded the smallest rise over the past decade (17%).
Martin Ellis, housing economist at Halifax, explained that there have been a number of distinct periods of performance in the last ten years. Bungalows and detached properties apparently performed best during the downturn that occurred 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.
However, since 2009 flats and terraces have overtaken detached homes, semis and bungalows in terms of performance.
“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," Ellis explained.
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