The Nationwide Building Society has been looking at the state of the property market with specific regard to flats, which make up around 16 percent of the total UK housing stock.
It found that the average size of a flat is 750 square feet, which is around half the size of the average detached house. They are also much cheaper than a detached house, with the UK average price for a flat standing at approximately GBP136,600. This is, says the Nationwide Building Society, around 25 percent less than the average for all properties combined and so makes it a little easier for first time buyers to get a mortgage for.
Although new build properties are often seen as being smaller than their older counterparts this is not the case with flats. Those built during the 40’s and 50’s tend to be the smallest according to the Nationwide Building Society figures, with new build flats being nearly 10 percent bigger.
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The Nationwide Building Society house price index showed a fall in property prices of 2.5 percent in May, making them almost 4.5 percent lower than this time last year.
Despite the falling numbers, when compared with two years ago house prices are still higher now than they were then. This reflects the dramatic price rises the country has experienced and may make existing property owners feel a little better since they can see that the value of their home is still very strong.
A Nationwide Building Society spokeswoman supported this view, feeling that the price reductions were of limited concern to home owners in the short term. As she pointed out it is only those who bought at the very peak of the prices who may feel a little concerned at the moment, though even then property in the medium to long term has always proved to be a good investment.
Sales of property with values over GBP1 million went up by 36 percent in 2007 compared with the previous year according to Halifax data.
There were over 8,250 sales of million pound plus properties, with over three quarters of them being in the south east of England and London. The largest increase in sales of million pound properties was in Scotland, where the measured increase by the Halifax was 138 percent. This was followed closely by the north east of England, with a 136 percent increase.
The south east has always had strong property values, said a Halifax representative, so it is not surprising to see it heading the number of sales list. It is also notable that rising property prices nationwide have driven up these type of sales further afield.