Across the UK there are roughly 47 million houses compared to just 9 million flats, and this is no surprise as it’s a simple case of supply and demand. Even though houses make up 84% of all properties in the UK, not everyone wants to live in a house and as with anything personal choice always plays a huge part. People may prefer a flat over a house or a house over a flat depending on their lifestyles and life stages. There are definitely pros and cons when comparing houses and flats which often fit into people’s lifestyles.
Money is often a key deciding factor when purchasing a property and one of the positives when buying a house is that you won’t have to pay service fees or ground rent meaning that annual running costs may be cheaper, depending on the specific property. However purchasing a property has the potential to cost you more initially, depending on where you are buying. One of the benefits of a house is the ability to expand and renovate which can often add value to the property and can allow owners to stay in a property for a longer period of time.
It is much harder to expand flats as there may be space restrictions and also stricter building rules in place, such as partition walls. However, if you’re looking to purchase a buy-to-let property then an apartment may be a better option. Depending where you are purchasing flats can often be cheaper and can also generate a higher yield, making it a better investment in the long run.
The average price of a house in the UK is £293,000 and the average apartment price is £299,200. Although it may seem surprising that flats are averagely more expensive than houses these figures are affected by cities where prices tend to be higher and there also tends to be a higher density of flats, meaning the average flat price increases.
In London it is not uncommon to see people spending over one million pound on centrally located apartments instead of buying a cheaper house which is located outside of the city centre.
Last year house sales in the UK made up 81.2% of all transactions compared to flats which made up the remaining 18.8%.
In England and Wales 15.7% of people live in a flat compared to 84.3% that live in houses, and when it comes to transactions houses are the most popular type, outselling flats by 328.6%.
If you are looking to upsize from a flat to a house or maybe even downsize from a house to a flat then make sure you are in contact with your local Andrews branch to see how we can support you on this move.