Falling flat prices a “boon for FTBs”

The price of flats and maisonettes has fallen by 7.5 per cent in Aberdeen and 5.3 per cent in St Albans over the past year, new analysis shows.

Gatehouse Bank looked at Land Registry figures to spot the towns and cities that have seen the biggest price falls in first-time buyer properties.

It found that prices for flats in Aberdeen fell 7.5 per cent to £115,159 in the year to December, while in St Albans they dropped 5.3 per cent to £294,852.

In Middlesbrough flat prices dipped by 4.6 per cent to £68,898 and in Eastbourne they were down by 4 per cent to £169,455.

Gatehouse Bank says that the fall in prices of flats in these locations may be linked to lower demand from landlords.

It says that the number of flat purchases has dropped 20.6 per cent the past two years,  from 196,273 in 2016 to 155,801 in 2018.

Over the same period, sales of semi-detached homes fell only 1.1 per cent to 247,8532.

Current price (houses)  Price change (houses) Current price (flats) Price change (flats)
Aberdeen £204,571 -5.2% £115,159 -7.5%
St Albans £588,890 -2.5% £294,852 -5.3%
Middlesbrough £114,696 -2.5% £68,898 -4.6%
Eastbourne £290,391 -1.5% £169,455 -4.0%
Woking £438,398 -1.1% £253,658 -3.8%
Darlington £131,947 -1.4% £81,184 -3.7%
Sevenoaks £425,916 -0.3% £240,384 -3.4%
Luton £275,009 -0.8% £144,827 -3.2%
Reading £383,184 -1.1% £225,359 -3.0%
Basingstoke £320,749 -0.6% £176,711 -2.8%

Source: Land Registry change in prices Q4 2018 vs Q4 2017, semi-detached houses vs flats (including maisonettes). Current prices December 2018.

Gatehouse studied Land Registry data on the price of semi-detached houses and flats in 108 major local authority areas across the UK.

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