Over the last year the price of a flat or maisonette has risen more than any other type of home according to data from Land Registry. While the value of a detached home rose by an average of 5.6% in that time the price of a flat is up by 7.2%. Semi-detached and terraced homes both grew by less than 5.6%.
According to the same data the average price of a flat in England stood at £220,493. A semi-detached house on the other hand lagged behind at £211,341. The difference is interesting and the growth suggests the gap will continue to widen.
The biggest cause for the increase in the average value of flats is the multitude of them being built in London and the high prices they command. There has been a big shift towards the number of people who prefer to live in flats in great locations rather than larger homes further out.
The above is not the whole story though. In fact prices for flats are being pushed up across much of England. They are leading growth in every single region and an incredible 320 of 379 local authorities. Of these 81 saw rises in excess of 10%. Only five of these were in London.
Kensington and Chelsea was one of the London Boroughs to see a big rise in flat prices. They grew disproportionally to houses. The average value now stands at £1.25 million and experienced growth of 10.8% in the last year.
Finefair is proud to be the leading provider of block management in Kensington and Chelsea. We can manage properties containing any number of flats, ensuring that each home and the public areas are all properly managed. We have a lot of experience to call on and a talented team to ensure we deliver the very highest standards.
If you would like to find out more about any of our services please get in touch; we will discuss your needs and our management solutions, providing one that suits your needs.