Apartment prices fall

21-Jul-2006

Breaking First Time Buyer News from FirstRungNow: With a decrease in apartment prices of one per cent, growth in the average price of new homes slowed last month.

The cost of buying a new flat fell to £232,447, making now an excellent time for first time buyers to secure a bargain and get onto the first rung of the property ladder.

Price changes were seen on the back of a surplus of apartments, which make up 60 per cent of the total number of new-builds.

David Bexon, managing director of SmartNewHomes.com, said: "Apartments have dominated the new housing mix in recent years but demand for these types of properties is falling."

Mr Bexon pointed to the government's planning policy as the cause of the surplus, since the focus is currently on building high-density properties.

Recent research from Yorkshire Building Society found new-build inner-city apartments to be most attractive to young first time buyers in the 16 to 21 age range, with 32 per cent preferring a flat and 43 per cent wanting it to be in the city.

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