Flats are in fashion, say Winkworth London estate agents

Nov. 6, 2014 - PRLog -- When it comes to London property, the flat is currently king. New figures from Halifax reveal that the average price of a flat in the UK has risen by nearly £51,000 (£425 per month) from £157,172 in 2004 to £208,169 today. Much of this increase has been driven by the London property market, which has seen growth of 44%, overshadowing the performance of other property types (terraced properties performed second best with 31% growth while bungalows posted the smallest gain at 15%).

According to online property portal Rightmove, 2013 saw flats become the most popular property type to change hands, with flats for sale in London selling for an average of £430,437. When the figures were analysed more closely, they revealed that most property transactions in central London in particular were also flats, which sold for an average of £1,133,651. Areas such as Marylebone, Regent's Park and Primrose Hill all feature statement flats for sale in central London that top the million pound mark.

The choice of flats is immense, with purpose build mansion blocks, converted period dwellings and shiny new build developments all yielding a more self-contained, low-maintenance style of living.

The audience for flats is also as large as the choice, which in part explains why values have always been high. At the bottom end of the spectrum, studio apartments and more bijou flats for sale in central London have always presented buyers with an affordable entry point into the capital's property market. They are also popular with business that look to put up staff Monday to Friday, as the purchase cost often works out cheaper that housing staff in a respectable hotel, plus it can prove a canny investment.

At the other end of the spectrum, the most lavish and spacious flats for sale in central London are purchased by buyers driven by lifestyle and location. The beauty of a flat or apartment is the low level of commitment needed - many that are set in blocks are covered by a maintenance agreement, meaning that the grounds, communal areas and exteriors are looked after for a monthly fee. There's also the perks attached to apartment living in particular. Porters, concierge services, secure parking, monitored CCTV, video entry phones, on-site leisure facilities and even bars are often incorporated into central London apartment developments and mansion houses, making them a hit with cash-rich, time-poor buyers from around the world.

Flats have actually never fallen out of fashion, say Winkworth central London estate agents (http://www.winkworth.co.uk/regions/central-london), but they agree that an influx of international buyers looking for a secure property in the capital has propelled this property type to new, giddy heights.