Report points to bleak future for city apartments
Posted: 10 Jul 2006 11:34:37 GMT
Often seen as the ideal choice for young, wealthy professionals, city apartments are apparently struggling to attract buyers.
According to a report by the Yorkshire Building Society, tower blocks in cities across the country are threatened by the fact that the people who most want to live in them do not have the financial clout to do so.
A recent study of 1,400 potential first-time buyers revealed that those above the age of 21 are more attracted to the idea of living in the suburbs in semi-detached houses with period features.
The situation is very different for those between the ages of 16 and 21, with 62 per cent saying they want a new-build property. Around 32 per cent like the idea of a flat and 43 per cent hope to be based in a city centre.
Perhaps unsurprisingly, those in the over-21 group tend to lean towards properties in the countryside or at least away from the hustle and bustle, which rules out the vast majority of the apartment blocks.
Tanya Jackson, media relations manager at the Yorkshire Building Society, said: "The trendy new-build flat in the city could become a thing of the past. The younger age group that aspires to live in this type of property is increasingly being priced out of the market.
"The vast majority of older buyers would prefer to live further out in older properties with period features," she added.