Are Flats out of fashion with first-time buyers?
23rd June 2019
23rd June 2019
First-time buyers are bypassing flats and moving straight into houses - leading to a fall in the cost of apartments, official figures suggest. The cost of a typical apartment or maisonette in England has fallen by 2.1% in a year, while other types of property have become more expensive.
The cost of detached homes has been rising fastest, with semi-detached and terraced homes also going up, figures from the Land Registry show. Experts suggest people are buying their first home later and are happy to rent a flat, but not necessarily buy one.
Now housing experts claim that whilst first time buyers are happy to rent the flats in which they live, they are far keener to save their deposits for larger properties.
In April this year, the ONS recorded the average UK house price at £229,000, the average price in April 2018 was £3,000 lower.
The situation, however, is different in the London housing market and other urban areas, where a great deal of new builds for sale are flats and apartments, according to Richard Donnell, Insight Director at Zoopla.
“First time buyers don't need to buy a flat in the regional areas in the current housing market,” he told the Telegraph.
“If you are going to make a commitment to buying, people want to stay there for a while. The data suggests that people have a longer term view.
“People are looking to buy their homes to live in for eight to 10 years, whereas 20 years ago people thought they were buying for just three or four years”
James Sellicks Estate Agents have a variety of properties on the market. If you are a first time buyer we have an excellent development in Kibworth with town houses, mews and apartments if you wanted to buck the trend with help to buy on the whole development. Call us on 01858410008 to find out more.