UK apartments ‘earn’ £1000 per month

UK apartments ‘earn’ £1000 per month

Popularity of apartments in the UK has seen the average price grow by £1,000 per month since 2008, the strongest price growth of any property type in the nation.

Summary:

  • The average cost of an apartment in the UK has increased by £1,000 every month since the end of 2008
  • Flats and apartments have experienced the strongest price growth of all property types, adding almost £90,000 to their value in 8 years
  • Buyers are on average paying almost £20,000 more for an apartment than for a semi-detached home

The price of an average flat in the UK has risen by over £1,000 a month since 2008.

New research from Halifax has found that an average flat in the UK saw its value increase by £1029 every month since 2008, when prices were at a low of £150,749 compared to £237,223 in 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.

It now means that buyers are on average paying £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.

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%.

Separate figures from the Office for National Statistics (ONS) show that in the 12 months until September 2015, flats accounted for the biggest proportion of new-build properties selling for more than £1 million. Of 1,306 sales of £1 million-plus new-build homes in England and Wales, 804 were apartments or maisonettes.