The towering presence of flats has been blamed for the decrease in house prices by property website SmartNewHomes.com.

The towering presence of flats has been blamed for the decrease in house prices by property website SmartNewHomes.com.

Although those who are searching for a new home for family purposes tend to prefer detached and semi-detached properties, there is a distinct shortage of these in comparison to new flats, the company argues.

Over 50 per cent of new home stock is now apartments, whereas three year ago this was the situation as far as detached houses were concerned.

However, just over a third of new housing stock is made up of detached homes. At the end of November, semi-detached homes were the cheapest properties on the market, whereas penthouses were at the opposite end of the scale.

David Bexon, managing director of SmartNewHomes.com, said: "These figures make it clear that there is currently a surplus of apartments on the market and this is having a negative effect on average prices."