Flats have been lagging behind for house price growth which could provide opportunities for some first-time buyers, a survey for the bank found.
Halifax reports that bigger homes are driving house price growth as mortgage rates ease, with terraced homes leading at 4.5% annual increase, followed by detached and semi-detached properties. Flats lagged behind, except for new-build flats which saw a 6.7% increase. This trend widens the gap between housing ladder rungs, aiding first-time buyers due to slower growth in smaller homes. Zoopla research indicates that many homeowners are unaware of their property's current value. Rightmove notes that mortgage rates for those with smaller deposits have fallen slower, stretching affordability for first-time buyers.