Price of flats has risen by £75,000 on average over the last five years

Flats have outpaced other property types in terms of price growth over the past five years, a report has found.

Across Britain, the average price of a flat has increased by £75,074 over the past five years, equating to a £1,251 rise per month, Halifax said.

Flats have increased in value by 48%, compared with a 41% rise for terraced homes, a 39% increase for semi-detached homes, a 38% uplift for bungalows and a 27% rise for detached homes.

London has seen an even bigger rise.

Flat prices there have surged by 54%, meaning that the average price of a flat in the city now stands at £393,235.

If the capital city were taken out of the figures, flat prices would have increased by 44% since 2013 while terraced homes would have also seen a 44% increase.

That would put them in joint first place for the strongest growth out of the property types looked at in the research.

Terraced homes remain the least expensive property type, coming in with an average price of just £208,311.

When it came to semi-detached homes, they were priced at £225,123, and flats at £232,135, the research found.

Russell Galley, managing director at the Halifax, said: “Although flats have recorded greater price gains over the past five years than any other property type, semi-detached and terraced homes have remained the most popular choices for home buyers.

“More than a third of first-time buyers are still choosing terraced homes as their first step on to the property ladder.

“However, we’re starting to see more of them choose detached houses, as the number has crept up in recent years.”

Here is the average price of different property types across Britain in 2018 and the increase over the past five years, according to Halifax:

- Terraced, £208,311, 41% - Bungalows, £254,313, 38% - Semi-detached, £225,123, 39% - Detached, £348,042, 27% - Flats, £232,135, 48%