Rightmove data released this morning shows that the average asking price of a detached house has risen literally 10 times the rate of a flat, during the course of the pandemic.
The typical asking price of a flat is up by just over £2,000 - or just one per cent - since the start of the pandemic, and is now £277,302. And the average asking price for a flat in London is £534,054 – a drop of 2 two per cent since before the pandemic in February 2020.
However, the average asking price of a detached home has jumped by almost £46,000 or a full 10 per cent over the same time period, hitting over £500,000 on average nationally.
The data comes from Rightmove, which has some hope for vendors with apartments. It says sales activity for flats is now ahead of this time last year which could lead to prices rising further - sales agreed for flats in June and July this year was up by 14 per cent on the same period of 2020.
Meanwhile the number of sales agreed for detached houses is down by 20 per cent year-on-year due to ongoing stock shortages and low availability.
The percentage of flats on Rightmove that are available for sale - that is, not marked as under offer or sold - has dropped from 77 per cent back in June and July 2020 when the market had just started to get going again after its temporary closure, to 56 per cent across June and July this year.
The percentage of detached homes that are available for sale is down from 73 per cent in June last year to 41 per cent available in June and July 2021.
Rightmove’s director of property data Tim Bannister says: “It could be a good time for those first-time buyers who would like to buy a flat to see what’s available before prices start to rise further, as the majority will benefit from being exempt from stamp duty and, although activity is increasing, there’s still less competition among buyers for flats than for houses right now.
“The sharp rise in average asking prices for detached homes probably comes as no surprise to those who have been following the rush for room that emerged when the market reopened, and with available stock still limited and strong demand continuing, we’re unlikely to see prices fall for this property type anytime soon.”