City centre new builds ''soar''
Fri 5th Oct, 12:33:26 BST
Flats in city centres appear to be eroding the popularity of houses, according to one property expert.
Speaking at the Savills annual residential market briefing and focus, James Cunliffe, who works in the firm''s valuation and litigation department, said that the past five years had seen new build developers focusing more attention on building flats and less on houses.
"In 2000, approximately 20 per cent of new build properties were flats; by 2006 this had increased to over 50 per cent," he said.
The comments seem to support the contention of other property professionals who have recently highlighted the growth in city-centre living.
Last month, a spokesperson for north-west based property agent City Residential said that homes in the heart of major cities, such as Manchester, held particular appeal for young professionals who want to be close to their workplace and nightlife.
However, Mr Cunliffe pointed out that as so many flats had been built, there was a shortage of new build houses, meaning that "in terms of capital growth, new build houses had significantly out performed new build flats".
Speaking at the Savills annual residential market briefing and focus, James Cunliffe, who works in the firm''s valuation and litigation department, said that the past five years had seen new build developers focusing more attention on building flats and less on houses.
"In 2000, approximately 20 per cent of new build properties were flats; by 2006 this had increased to over 50 per cent," he said.
The comments seem to support the contention of other property professionals who have recently highlighted the growth in city-centre living.
Last month, a spokesperson for north-west based property agent City Residential said that homes in the heart of major cities, such as Manchester, held particular appeal for young professionals who want to be close to their workplace and nightlife.
However, Mr Cunliffe pointed out that as so many flats had been built, there was a shortage of new build houses, meaning that "in terms of capital growth, new build houses had significantly out performed new build flats".
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