Apartments popular for high-end investors

Flats and apartments are now more popular than houses in the high-end property market, it emerged this week.

London-based property consultancy firm Black Brick said whereas 12 months ago people were looking for big houses to live in as a home or second home, the focus now is on buying flats and apartments as an investment.

“We’ve noticed a real demand for apartments as opposed to houses, definitely,” said Karen Goodin, Black Brick partner.

The economic climate has made it difficult to buy and sell property, Goodin added, because there is little movement, meaning that while one person may want to buy a house, the seller may not have a property ready to move in to.

Goodin made the remarks in response to the July House Price Index, published last week, which showed a 46% drop in sales of houses valued between £1,000,001 and £1.5 million compared to July 2008.

Primelocation.com recently pointed out that the shortage of prime property stock in London has helped to keep property prices stable in the capital.

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