Flats have been lagging behind for house price growth which could provide opportunities for some first-time buyers, a survey for the bank found.
Larger homes, particularly terraced and detached houses, drove UK property price growth in the year to January 2025, outpacing flats. This widens the gap between housing types, potentially aiding first-time buyers as flat values lag. While overall new-build property growth was 3.1%, new-build flats saw a significantly higher increase of 6.7%. Mortgage rates for larger deposits have fallen more quickly than those for smaller deposits. A majority of homeowners are unaware of their property's current value.
