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Gap between flat and house prices highest since 1995

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The gap between flat and house prices is getting larger than ever, according to data from Hamptons. “From 2010 right to the start of the pandemic the average house in an area cost 50% more than the price of a flat but this gap widened to 68% last year and has hit 84% so far this year,” says David Fell, senior analyst at the property firm, who adds that the gap is the highest since 1995. He continues: “At the same time, the gap between people losing money on a house versus a flat has also never been larger. This means that while flats make up about 20% of sales across England and Wales, last year flat sellers accounted for 51% of people who lost money [in absolute terms] when selling their home.” He went on to say that if the growing divide in price between flats and houses is permanent, it will have “significant implications” for the market, particularly for upsizers and anyone trying to climb the property ladder. “In previous years someone who bought a flat could have expected its value to at least track any increases [proportionately] to the value of houses locally but over the past two years, this has not been the case. Buyers can’t trade up.”

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