The average flat price has fallen 5.3 per cent over the past year, driven by a 9 per cent drop in the North East. This is causing concern as people consider flats as part of the property ladder. The collapse in flat prices could have a ripple effect on the property market.
Flats are dropping in value across the country, according to the latest figures from the Office for National Statistics. The typical flat has fallen in price by 5.3 per cent in the 12 months to March, from £199,186 to £188,643, Land Registry data shows.
In comparison, terraced houses are up 0.5 per cent during that time and detached houses up 1.9 per cent. In the North East, the average flat price has fallen by almost 9 per cent in a year, from £107,715 to £98,104, the data shows. In the South East and South West, flat prices are down 7 per cent year-on-year. In the North East they are down 7.4 per cent on average.
Going down: The price of flats is falling all over the country. The collapse in flat prices will mean that people who bought their apartments as a stepping stone on to the property ladder are now finding themselves unable to afford something bigger. This could have a ripple effect across the property market
Property Market Collapse In Flat Prices Stepping Stone On To The Property Ladder North East South East And South West Terraced Houses Detached Houses Land Registry Office For National Statistics
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