(Alliance News) – The average price tag on a detached home has increased by around 23 times that of a flat in cash terms during the coronavirus pandemic.
Typical asking prices on flats have increased by around GBP2,000 or 1% since February 2020 – while those on detached homes have surged by about GBP46,000, or 10% – Rightmove said.
The average asking price for a flat is GBP277,302 while detached homes now command a typical price tag of GBP517,180.
There are, however, signs that flats are starting to make a comeback, with the number of sales agreed for flats up by 14% in June and July this year compared with June and July 2020.
This is likely driven by lockdown restrictions easing, working patterns becoming clearer and much better availability of low deposit mortgages, Rightmove suggested.
The average asking price for a flat in London is GBP534,054 – which is still more than the average price of a detached home across Britain.
Rightmove’s director of property data Tim Bannister said: “In the first few months of the housing markets reopening…
