The average price of high-end flats and maisonettes has experienced the biggest fall in 2023 compared to 2022 in contrast to semi-detached houses which have increased in price over the same period.
This is according to analysis of the sale of £1m-plus residential properties in England and Wales by Investec Wealth & Investment, which is seeing demand for advice on inheritance tax issues (IHT) continue to grow.
To date in 2023, the average price paid for high-end flats and maisonettes is £1,896,735 compared with £2,015,408 in 2022, resulting in a drop of £118,673, or 5.9%.
The price paid for million-pound terrace houses has fallen by an average of £49,360 (2.6%) in the same period, from £1,872,036 in 2022 down to £1,822,677.
Similarly, high-end detached houses have also fallen but only by an average of £11,402 (0.7%) – from £1,632,074 to £1,620,671 to date in 2023, Investec’s analysis of the most recent Land Registry data for England and Wales found.
In contrast high-end semi-detached houses have risen in value over the same period, the analysis of over 35,000 £1m-plus residential property transactions found. The price paid for these has risen from £1,662,421 in 2022 to £1,779,104 year to date in 2023 – an increase of £116,683 (7.0%).
Overall, the £1m-plus residential property market has taken a hit so far this year, with the average price paid down 1.1% compared to 2022 – falling from £1,741,203 to £1,722,447.
Despite this, the high-end property market is still driving a rise in demand for advice on IHT.
