Average price growth for apartments, helped by the London market, have outperformed all other property types since 2009
The latest research from Halifax has revealed that apartment prices have grown by 53% in the last seven years compared with growth of 39% for all property types – typically rising an average of £1,008 per month from £159,292 in Q4 2009 to £243,936 in Q4 2016.
- 53% increase in the average price of a apartment is significantly greater than the 39% rise for all property types over the same period.
- Terraced homes have recorded the next largest increase in average prices with a rise of 43% over the past seven years, and detached homes the smallest rise (19%).
- A considerable amount of the national rise in apartment prices since 2009 is due to the rapid increase in apartment prices in London (65%), where apartments represent just under half (48%) of all sales compared with the UK average (excluding London) of 11%.
- The average price of a apartment in London is £398,038, meaning that buyers are on average paying £230,894 more than apartment buyers in the rest of the UK (£167,144).
- If London performance is excluded, price growth is greatest for terraced homes (41%), followed by flats (35%).