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‘Race for space’ could be over as flat prices rise more than houses
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The “race for space” that became characteristic of the property market during the Covid pandemic could be starting to slow, according to Halifax.
As people shunned city centre work and life during lockdowns, and the government introduced a stamp duty holiday, demand for country living – or at least a spare room – grew.
But in its latest snapshot of the housing market, the mortgage lender said there were signs this trend could be fading. Growth in the price of flats was now outpacing growth in the price of detached houses, which were in high demand during lockdown.
In November last year, flats were changing hands for 10.8% more than at the same time, while detached houses were typically fetching 6.6% more.
The percentage difference does not
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