The price that people in the UK have had to pay for properties has been increasing for a number of years now. However, there are some types of homes that have been rising far faster than others, a new report suggests.
According to data from the latest Halifax index, the growth in popularity of flats over houses has meant that since 2010, the prices paid for these properties has climbed far faster than any other type of home.
It said that in the past seven years, the average property price in the UK has climbed by 39 per cent. However, in the same period, the cost of getting a flat has increased by a far higher amount, with buyers having to shell out 53 per cent more than they would have done in 2010 on average.
Overall, the price of a flat has increased by more than £84,000 in the space of just seven years. This means that the average flat price in the UK now stands at £243,936, up from a little over £153,000 in 2010.
Next on the list of the fastest increases in house prices are terraced homes, which have risen in the space of the past few years by some 43 per cent, according to the Halifax data.
Martin Ellis, Halifax housing economist, said that the reason for house prices rising so quickly in terms of terraced homes, detached properties and flats is the fact that they are so popular with buyers. In particular, London has helped boost flat prices as buyer numbers climb time and again.
"There has been an increasing trend for first time buyers to choose semi-detached homes over the past seven years, whilst terraced homes have shown a decline in popularity,” said Mr EllisThe rise in the age of a typical first time buyer may partly account for this change in preference towards the family friendly semi," he added, suggesting that other home types could rise faster in the next few years.