Land Registry statistics show flats and maisonettes are the only property types to have dropped in average value compared to the same months last year, with a fall of 0.4% in July and 2.5% in August.
Potential purchasers appear to want houses over flats, representing an ongoing issue for the government as to how to increase supply in this area.
Not only can flats be restricting when wanting to extend, such as adding a conservatory or a loft conversion, which add value. More and more people are working from home, meaning space is a huge consideration when looking for a property.
Traditionally, must first-time buyers have entered the property market through leaseholder flats, but there is an increased mistrust of leasehold properties, especially if the number of years left on the lease is low. First-time buyers may prefer instead to rent a leasehold apartment until they have saved a larger deposit and can buy a freehold house as their first purchase.
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