Flats increasing in popularity with 2023 buyers

January has shown some interesting trends when it comes to the property market in the UK, with one such trend being an increase in the popularity of flats or apartments according to Zoopla. Zoopla’s January House Price Index published on 30 January stated that during the first few weeks of this year there was a shift in buyer demand. It is suggested that this uptick of interest in flats is because ‘buyers are becoming more value-conscious in response to the hit to buying power from higher mortgage rates.’ However it isn’t just price that makes flats an attractive buy in Tavistock and Okehampton.

The stats

Zoopla’s data shows that 27% of new buyers are looking for a 1 to 2 bed apartment, which is up 22% compared with the same time last year. Conversely, the demand for 3-bed houses has decreased by 5% from a year ago, although houses are still the most popular type of home in the UK. Another reason for this shift according to Zoopla is the increase in the number of people moving back to town centres as well as a desire to purchase properties that are better value for money, especially in this cost-of-living crisis.

It is understandable how price can play a big part in a new buyer’s decision to purchase a flat over a house, but these flexible homes have other benefits too.

Security

Everyone wants to feel safe and secure in their own home, and the additional security that a development of multiple flats can offer can appeal to many people, especially those living alone. Modern developments often have security features such as gated and video intercom access. More luxury apartments may even have a security guard or concierge, which is an added layer of security and gives you peace of mind. Many house owners will have to invest in their own security systems, which can cost significant sums depending on the scale and scope of what they wish to install.

For those wishing to travel for a few months of the year, an apartment tends to be the preferred choice, as they are easier to lock up and leave. Homeowners feel more secure in the knowledge that they potential have neighbours that will be able to keep a eagle eye on their home whilst they are away.

Lower maintenance = more free time!

One of the advantages of living in an flat is that they require lower maintenance than a house. Many people looking to downsize often direct their search to a flat or apartment, as they know that they will have less property maintenance to keep up with. All properties have a to-do list for sure, but a house does come with a lot more jobs to do.

Location enabling lifestyle

Flats often tend to be located in town centres close to amenities, therefore provide a certain type of lifestyle. As Zoopla states, there is evidence of people choosing flats over houses as they move back into towns and cities with the lure of easy access to shops, restaurants and shorter commutes.

Community

One of the great things about living in a larger development of flats or apartments is that you instantly join a community with a shared interest. Many complexes have open spaces where residents come together for social events, which is a great way to get to know your neighbours. Some modern apartment buildings come with additional facilities such as gyms, gardens, and even residents’ lounges / coffee bars, helping you get to know your neighbours a little better.

Keep an open mind

Many new buyers might not initially consider a flat, but we would recommend keeping your options open. Apartment living is not for everyone, but when you are looking for a new home it is best to see every potential property rather than being blinkered in your search – and you might be pleasantly surprised. If you would like to see what Tavistock or Okehampton can offer you with regard to a full range of properties, please contact the team at your award-winning estate agent, Miller Town & Country, on 01822 617343 (Tavistock) or 01837 54080 (Okehampton).