Flat Prices ‘Climb By Nearly £51k’
Anyone thinking about contacting the best property management Norwich has available in order to sell a property will no doubt be buoyed by the news that flat prices have been increasing steadily since 2004 and have now climbed by almost £51,000.
Figures from Halifax have revealed that the rise in the average price for an apartment in the UK is now more than double that seen for all residential properties between 2004 and 2014, although it was noted that much of this increase can in fact be put down to London and the performance there. Flats make up a vast proportion of the property market in the capital and other residences such as terraced houses were seen to perform better in other parts of the country.
"Since 2009, larger property types - such as detached homes, semis and bungalows - have underperformed flats and terraces. The demand for such properties has been partly constrained by a widespread lack of equity amongst homeowners who bought for the first time around the peak in the market,” housing economist with the bank Martin Ellis remarked.
In all, terraced houses and semi-detached properties have been the most popular types for purchase in the last decade, representing 60 per cent of all home sales for this year so far, a rise from the 56 per cent seen in 2004. Semi-detached houses have also become popular among first-time buyers it would seem, accounting for 29 per cent of all purchases this year. However, detached sales have dropped from 21 per cent to 16 per cent in the last ten years.