Flats are dropping in value across the country, according to the latest figures from the Office for National Statistics.
The typical flat has fallen in price by 5.3 per cent in the 12 months to March, from £199,186 to £188,643, Land Registry data shows.
In comparison, terraced houses are up 0.5 per cent during that time and detached houses up 1.9 per cent.
In the North East, the average flat price has fallen by almost 9 per cent in a year, from £107,715 to £98,104, the data shows.
In the South East and South West, flat prices are down 7 per cent year-on-year. In the North East they are down 7.4 per cent on average.
Going down: The price of flats is falling all over the country
Similar annual price drops have been recorded across the Midlands and East of England.
In inner London, where flats make up the majority of the housing stock, the average flat has fallen 6.2 per cent.
In some parts of the capital, flat prices have fallen even further. For example, in the City of Westminster, the average flat has fallen 12 per cent in value from £850,000 to £748,000.
Even in Wales and Scotland, where average property prices are up 2.9 and 1.6 per cent annually, flat prices are falling. In Wales they are down more than 5 per cent.
The collapse in flat prices will mean that people who bought their apartments as a stepping stone on to the property ladder are now finding themselves unable to afford something bigger. This could have a ripple effect across the property market.
House prices are holding up
The average detached house has risen in price by 1.9 per cent in the 12 months to March, according to the ONS data which is based on sold house prices registered with the Land Registry.
Terraced houses are up 0.5 per cent and semi-detached houses are up 1.8 per cent.
This has offset the losses across flats and means that overall, property prices are on average no higher than they were a year ago.
The typical British home was £268,000 in March, exactly the same as it was 12 months earlier.
However, prices look to be on a downward trajectory. The average property price fell by 0.4 per cent between February and March this year compared with an increase of 1.2 per cent in the same period 12 months ago.
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Prices in many parts of the country are already below where they were a year ago – and this is a trend no longer just restricted to the south.
In London, where the average property fetches £542,065, the typical home is down 2.1 per cent.
Meanwhile, in the North East, prices are down 1.2 per cent, while prices in the North West are down 0.8 per cent annually.
‘London is no longer an outlier,’ says buying agent Jonathan Hopper, chief executive of buying agents Garrington Property Finders.
‘Seven out of the nine English regions saw annual price growth turn negative in March.
‘As London’s price correction begins to ease, it could be just getting started elsewhere. Anywhere where the number of homes for sale exceeds the number of serious buyers could see prices slip in coming months.’
Estate agents and surveyors also predicted house price falls in the latest survey from the Royal Institution of Chartered Surveyors.
This presents an opportunity for those who are in the market to buy to negotiate a lower price.
Dariusz Karpowicz, director at Doncaster-based Albion Financial Advice, said: ‘If you are looking to buy, this is your window to push hard, because a stalled market rewards a sharp offer.’
