Flats are falling out of favour

We have never been a nation of apartment-dwellers, sauntering through lobbies and shoving bags into bin chutes as many of our American cousins happily do. But an acute housing shortage and rapid population growth in the cities have led to dense residential skyscrapers, crammed with as many flats as they can hold. Even our urban Victorian terraces are subdivided into “lateral” spaces these days. The question is, does anyone want them any more?

There is mounting evidence that our flat market is, well, flat. The average price for a detached house has risen from £380,654 to £411,649 since January this year, according to the Office for National Statistics, while the average price of a flat has risen ever so slightly.

Amazingly figures released recently show 166,000 homes changed hands in September. That’s 63% higher than the 2017-19 average. There is currently a shortage of homes on the market which ultimately pushes prices further up!

Records broken across all GB regions for first time in 14 years Average property price hits all-time high of £344,445. Monthly average price increase of 1.8% is largest in six years.

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