Landlords 'will struggle' in cities

Posted: 07 Nov 2008 09:00:01 GMT

The market for city centre apartments in the UK's largest towns is "effectively … dead", it has been claimed.

According to the European Institute for Urban Affairs (EIUA), purchasing buy-to-let properties in city centres is no longer a viable option for landlords.

Speaking at the Waterfront Expo conference in Liverpool this week, Professor Michael Parkinson said that the pressure on cities is growing as it becomes more and more difficult to get the resources necessary for new developments.

He told those in attendance: "These are difficult times. City centre apartments, the creation of residential private sector markets; effectively that is dead.

"Manchester, Leeds, Birmingham - nobody is going in to apartments in the city centre, nobody is doing buy-to-let. The thing has dried up. Other sectors are just ticking over but it's difficult."

Recently, research conducted by MoveMe.com revealed that people are increasingly choosing to live outside of cities in commuter towns.

The most popular destinations for new home movers were Tunbridge Wells, Guildford, Plymouth, Redhill and Bournemouth.

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