Flats show fastest price gains across UK market

Flats have out-paced 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 per cent over the past five years, compared with a 41 per cent rise for terraced homes, a 39 per cent increase for semi-detached homes, a 38 per cent uplift for bungalows and a 27 per cent rise for detached homes.

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 buyers.”