The average price of an apartment has risen by 60 per cent over the past 10 years, far ahead of the 38 per cent hike in the average price of all residential property types.
The data, produced by the Halifax, includes the period of the downturn and the over-supply of buy to let apartments in some cities in the period from 2005 to 2009.
The survey shows that detached houses have risen in price by 21 per cent over the past 10 years while bungalows - despite their relative scarcity in many areas - have increased in price by a relatively modest 28 per cent.
In separate research by Halifax, UK house prices fell by 0.9 per cent from £204,722 to £202,859 in September. Prices in the three months to September grew 2.0 per cent, down from the 3.0 per cent rise in the three months to August.
"Increasing demand is combining with very low supply to drive robust underlying house price growth. There is little reason to expect any fundamental shift in the key market drivers over the coming months" says a spokesman for the Halifax.
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Interesting findings, although not exactly surprising given how popular flats are in London and how high prices are in the capital. I suppose it makes sense. People having families later means there is less of a need for space, which means that a flat rather than a house is more suitable.
As Halifax points out, demand is still massively outstripping supply, which is merely forcing prices up higher. Until this is resolved - and I don't expect Mr Cameron's latest move to pander to the whims of developers will help with the supply issue - then our ridiculously unbalanced and over-inflated housing market will continue to remain so.
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