Flats are 40% cheaper
Flats are the best value they have been in 30 years, according to Zoopla.
The typical flat is currently 40% cheaper than a house, marking the widest price gap since records began. Since 2017, the price of a flat has risen by just over 10%, while the average house price has gone up by 43% over the same period.
The average house costs 1.7 times more than a flat, but this ratio varies depending on the region. The biggest price gap is seen in the West Midlands, where the house-flat ratio is 2.5. Meanwhile, in London, the ratio is lower at 1.9 where property prices are higher overall. However, these figures do not take into account the additional charges payable on a leasehold flat.
Your home may be repossessed if you do not keep up repayments on your mortgage.