The price of flats has increased much faster than the price of houses over the past ten years, research by the Halifax has revealed.
Prices of flats have risen in value by 60% during this time, while the average home has gone up by 38%, the bank’s house price database found.
Broken down further, this means the average price of a flat has increased by £730 a month since 2005.
Meanwhile, terraced homes have gone up by 41%, semi-detached homes by 32% and bungalows by 28%. At just 21%, detached homes have seen the smallest rise in values in the last decade.
If you are a flat-owner looking to sell, the above is obviously fantastic news. The demand for flats, especially in London, is pushing prices up. As a result, the chances of you achieving your asking price or above are presently very good.
Furthermore, the average price of a flat now stands at £233,424, up by £87,550 since 2005. There is nothing to suggest that this trend will be changing in the near future, something that will be to the benefit of flat sellers across the country.
There was good news for owners of semi-detached homes, too, as this type of property is becoming increasingly popular among first-time buyers. They accounted for 28% of purchases among this demographic in the first half of 2015 compared with 21% in the first half of 2005.
Their relative affordability – the average asking price for a semi-detached is £214,524 – makes them attractive to people looking to get their feet on the property ladder for the first time.
Owners of detached homes shouldn’t despair either. The average price might only have risen by 21% in the last decade, but this can be partly explained by the fact that detached homes were expensive to begin with.
They remain the most expensive type of property by some distance – with an average asking price of £336,078 – so sellers can still expect to get a very good deal if they market their property in an effective way.
This is something we can help you with at Tepilo. Our main focus is on customer service, which is why we provide a 24/7 phone service to answer any queries you might have. We’ll also do all we can to help you get the best possible price for you property.
To this end, you will have a dedicated sales manager by your side from the moment you upload your property to our website, right the way through to completion.
For more information about the services we offer, please get in touch on 0844 3878377 or 01702 870878. To find out how much property could be worth in the current marketplace, check out our handy online valuation tool.