Residential  

Average price for flats falls year-on-year

Average price for flats falls year-on-year
 Credit: Jason Alden/Bloomberg

The average price for property has risen year-on-year, except for flats and maisonettes, according to the UK House Price Index (HPI) for August.

Data published by HM Land Registry this week (October 21) showed semi-detached properties had seen the largest difference in price on last year, at 4.1 per cent, from £221,347 in August 2019 to £230,455 in August this year.

But the price for a flat or maisonette fell by 0.5 per cent, from £204,645 in August 2019 to £203,708 in August this year.

The Office for National Statistics noted the price data feeding into the HPI for August mainly reflected agreements that occurred before the stamp duty cut in July and comparable changes to taxes in Scotland and Wales.

The annual price change for properties overall was 2.5 per cent, up from 2.1 per cent in July, and pushing the average price up to £239,196.

Average monthly price by property type

Property typeAugust 2020August 2019Difference
Detached£365,316£354,3683.10%
Semi-detached£230,455£221,3474.10%
Terraced£194,611£190,1392.40%
Flat or maisonette£203,708£204,645-0.50%
All£239,196£233,3662.50%

This week's HPI also showed average property prices had risen by 0.7 per cent between July and August on a non-seasonally adjusted basis, compared with a rise of 0.3 per cent during the same period last year.

Jeremy Leaf, principal at estate agency Jeremy Leaf & Co, said: “Although the most comprehensive of all house price indices, the UK HPI figures don’t tell the whole story, not least because results relate to sales which were agreed several months ago at least. 

“Times have changed. The realities of another lockdown and deteriorating economic news over the past two weeks have reduced viewings and activity but only to levels that we might have otherwise expected at this time of year.”

chloe.cheung@ft.com

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