Price growth for flats remains sluggish despite the pandemic trends favouring houses slipping away over time.
The Halifax says it has continued to see differences in price trends between property types.
Detached properties have performed most strongly since the onset of the pandemic, whilst flats have been the weakest.
Halifax chief economist Robert Gardner says: “Between Q1 2020 and Q4 2022, the average price of a detached property increased by 26.0 per cent (nearly £78,000 in cash terms).
“Meanwhile, over the same period, flats only increased by 13.4 per cent (around £23,000).
“Annual house price growth slowed markedly across all property types in the final quarter of 2022 but detached were the strongest performing over the year as a whole, with average prices up 5.9 per cent.
“Meanwhile, the average price of flats increased by just 2.1 per cent.”
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If they are new Flats they were well over priced to begin with and the stupid Schemes to rope young people in to make big profit for Developers.
The canny Investor will keep well clear.
Do not buy flats. But houses!
Houses have doubled in price. Flats have not!
Totally agree, I don't touch anything leasehold
Leasehold Flats adds £120. pm to the rent making it expensive to rent.
However I have a one bed Flat in a small Block of 5 which works ok.
I had some agro in the past but we went for enfranchisement, and now control the Freehold and costs, each having an equal share of remainder of 999 years lease (980 years).
That was 2013 there was a lull. The nice retired couple that previously owned it lost out really. A retired Accountant who had bought it to aid their retirement unfortunately it was not to be. They had paid £141k for it 9 years prior and sold it to me for £143k, I doubt if they covered their legals.
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