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Asking prices for flats have increased by a single per cent in the past year

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  • 12/08/2021
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Asking prices for flats have increased by a single per cent in the past year
The average asking price of a flat has risen just one per cent since February last year, before the pandemic hit the UK, analysis has shown.

 

Data from Rightmove showed this was a £2,129 increase to £277,302 as buyers used the stamp duty holiday for larger homes with gardens and more space, driving those prices up instead. 

Over the same period, the asking price of a detached home surged by 10 per cent to £517,180. 

The price hike for larger properties was evident in the lack of available stock. 

The percentage of flats on Rightmove that are available for sale has dropped from 77 per cent in June and July 2020, shortly after the property market reopened, to 56 per cent across June and July this year.  

The percentage of detached homes that are available for sale is down from 73 per cent in June and July last year to 41 per cent this year. 

 

First-time buyer opportunity

Tim Bannister, director of property data at Rightmove, said: “The latest data might suggest an opportunity for some first-time buyers, with average asking prices for flats currently up by one per cent, which is significantly less than the price increases we’ve seen for other property types.  

“In the first few months of the housing markets reopening across Great Britain last year flats were temporarily out of favour, as people sought bigger homes with more space further out, but we’re now seeing this trend start to shift back again.”  

He added: “This means it could be a good time for those first-time buyers who would like to buy a flat to see what’s available before prices start to rise further, as the majority will benefit from being exempt from stamp duty and, although activity is increasing, there’s still less competition among buyers for flats than for houses right now. 

“The sharp rise in average asking prices for detached homes probably comes as no surprise to those who have been following the rush for room that emerged when the market reopened, and with available stock still limited and strong demand continuing, we’re unlikely to see prices fall for this property type anytime soon.” 

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