More apartments at smaller sizes

26-Jul-2006

In addition, the first time buyer is likely to see the size of new-builds decreasing, as figures show the average new home is 'shrinking'.

Over the last year the average plot size for a new property shrunk from 988 square feet to 973 square feet, according to building finance group Wolsey Securities.

Mike Ratcliffe, chief executive of Wolsey Securities, said: "As a result of the government demanding greater density, which is most achievable through apartments and least achievable through building detached houses, we are seeing an increasing proportion of apartment schemes coming through in the market."

Mr Ratcliffe noted that the drive had led to an "oversupply of apartment accommodation in certain markets".

First time buyers are now taking part in this trend towards apartment living, as the new-build flats make it easier to get onto the first rung of the property ladder, Wolsey states.

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