ARCHIVE: Price of flats rising more than house prices
According to research from Halifax*, flat prices have risen faster than house prices over the last 10 years.
In fact since 2005, according to their research, the price of the average flat has increased by 60%. This is higher than all other types of houses including terraced houses, which increased by 41% over the same period, and semi-detached homes which increased by 25%.
What this means for home buyers
Adam Nanson, Managing Director from Your Mortgage Expert comments:
“Typically, flats were seen as cheap option for Buy to Let Investors and First Time Buyers. However, with the price of flats rising so sharply, especially in London, the more sensible purchase can often mean a semi-detached or terraced property where buyers can get more property for their money.
“The research from Halifax certainly reflects that more and more First Time Buyers are looking to properties other than flats. And, that semi-detached and terraced properties continue to be the most popular for all types of purchaser.”
How Your Mortgage Expert can help
“With all types of property increasing in value over the last year, it is more vital than ever that home movers and home buyers understand their budget prior to commencing their house hunt. This will help them look at appropriate properties and that reflect their affordability.
“A Mortgage Broker such as Your Mortgage Expert, will review your circumstances and give you the most appropriate mortgage rate advice for your affordability. They will also help you secure an agreement in principle which is a useful thing to have prior to commencing negotiations.”
Your Mortgage Expert is whole of market and independent which means we know all the current deals and can make the most suitable recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers.
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
*source Mortgage Introducer, 23rd December 2015