The price of flats has fallen by as much as 7.5% in some parts of the UK, according to a report by Gatehouse Bank.
Significant price falls in specific areas are presenting first-time buyers with an opportunity to get on the property ladder.
Aberdeen and St Albans, Hertfordshire, were the two most affected areas, with the price of flats falling between Q4 2017 and Q4 2018 by 7.5% and 5.3% respectively.
Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “Affordability is a significant issue for those looking to take their first step on the housing ladder, so our research provides some positive news for those struggling to find their first home.
“Flats appear to have fallen from favour to a degree over the last year, but some buyers are inevitably going to take advantage of this opportunity.
“Our research shows that the value proposition of flats in these areas is changing far more rapidly than it is for larger properties and this is likely to prove tempting to many prospective purchasers in the coming months.”
Gatehouse Bank claimed that the fall in the price of flats across the UK was likely to be linked to government schemes supporting first-time buyers as well as falling demand from landlords.
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