Inner city apartments 'increasingly out of reach'

Posted: 27 Jun 2006 14:25:20 GMT

            Property News - Inner city apartments 'increasingly out of reach'

New apartments in cities are becoming increasingly out of reach for the people who most want to buy them, according to research from Yorkshire Building Society.

In a survey of 1,400 first time buyers aged 16 to 40 it found that those who most wanted to buy an apartment in a city were aged 16 to 21.

Over 30 per cent of 16 to 21 year olds wanted to live in a flat and 43 per cent wanted to be based in the city. However, this age group represents those with the least means of being able to afford a property.

According to the results, those aged over 21 no longer had as much interest in flats or living in the city. Over 50 per cent of people over 21 said they wanted to live in a house with period features and 52 per cent of them said they wanted to live in the suburbs.

Tanya Jackson, media relations manager at Yorkshire Building Society, said: "The trendy new build flat in the city could become a thing of the past. The younger age group that aspire to live in this type of property is increasingly priced out of the market."

She added: "The vast majority of older buyers would prefer to live further out in older properties with period features. This means that without help to first time buyers, the trendy new flats that are rising in all our cities' skylines may become less popular."

Almost 40 per cent of 16 to 21 year olds expected financial help from their parents in securing their first property and 28 per cent of 22 to 29 year olds looked to their parents or relatives for money for property.

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