Brits choosing 'apartment-style living'

Posted: 04 Jul 2006 10:20:05 GMT

            Property News - Brits choosing 'apartment-style living'

New evidence suggests that Brits are beginning to prefer apartments over other housing options.

Wolsey Securities has analysed a portfolio of 130 current developments throughout the country and it seems that there has been a distinct shift in buying options over the last few years.

In January 2005, 54 per cent of the properties in the portfolio were apartments while 22 per cent were detached houses. A survey a couple in May, however, revealed that the proportion of apartments had increased to 61 per cent, with detached houses falling to just 16 per cent.

The research has also shown that the average price of a new home has increased by 2.2 per cent over the last year, taking it to just under £200,000 per unit.

Furthermore, buyer confidence has been high throughout the first six months of the year, with a steady increase in the proportion of customer reservations across the portfolio.

Unsurprisingly, activity has been highest in the south, where reservation levels for released units have increased from 18 per cent in June last year to 26 per cent in May 2006.

Analysts from Wolsey anticipate that the property market revival in the south will be followed by the same trend elsewhere in the country, with the ripple effect spreading gradually throughout the remainder of the year.

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