High rise in average value of flats since 2008 property price slump

The average value of a flat has increased by £1,000 a month since the financial downturn - making it the UK's best-performing property type over the period.

The typical price of a flat has risen by £86,474, equating to £1,029 per month, since property prices dipped in late 2008 - to reach £237,223 by the end of 2015, according to Halifax.

The 57% increase in the average price of a flat over the period compares with a 38% rise in the price of a terraced home, a 28% increase in the cost of a bungalow, a 34% rise in the value of a semi-detached home and a 20% increase in the value of a detached property.

But much of the increase in the price of a flat is down to the power of the London housing market, where many flats are concentrated. Flats account for half (50%) of all property sales in London, compared with the UK average of 17%.

If London was excluded from the figures, terraced homes would be the best price-performers, Halifax said.

Martin Ellis, a housing economist at Halifax, said: "The high prices being paid for London flats have had a significant impact on the national picture when it comes to property type winners and losers.

"This is the result of more flats being sold in the capital and at the higher end of the market."