Latest data released by Halifax has shown that the average cost of an apartment in the UK has risen by £1,251 per month over the past five years, increasing in value by £75,074 over the period.
Other Key Findings
- Halifax found that there was an increase of 48% in apartment values between 2013 and 2018
- This was compared with an increase of just 42% for terraced houses and 27% for detached homes.
Russell Galley, Managing Director, Halifax: “The continuing strength of the labour market is supporting house prices. In the three months to March the number of full-time employees increased by 202,000, the biggest rise in three years. We are also seeing pay growth edging up and consumer price inflation falling, and as a result the squeeze on real earnings has started to ease. With interest rates still very low we see mortgage affordability at very manageable levels providing a further underpinning to prices.”