Flats cost more than houses
The latest meta-index for October from agent Chesterton, which analyses several leading property indices including the Nationwide, Halifax and Land Registry, finds the average price of a flat or maisonette is now £165,724 – more than the average price of a semi-detached house at £163,049 or a terraced property fetching £136,696.
The meta-index shows the average price of a residential property in England and Wales is £197,616. Average monthly property price inflation has risen by 0.3%, with prices up 8.3% since July 2006.
Monthly price growth in Scotland and Northern Ireland remained robust last month, growing 1.9% and 1.8% respectively. The only other region where house prices grew by more than 1% was the north east where prices rose by 1.2% in October.
All regions across the UK, with the exception of Scotland and the north west, witnessed a fall in annual property price inflation. This is a further signal of a slowing housing market, which is likely to continue, says Chesterton.
Annual average property prices in the top 20% of the housing market grew by 14.5%, while the bottom 20% of the ladder rose by 6%.
Prices in London fell 0.1% in October, but annual inflation remains strong at 12.4%. The research was completed by Chesterton