(1888PressRelease)
July 18, 2007 - Outside of London, flats appear to be losing value compared with the rest of the property market, with the BBC's economics expert Gavin Davis suggesting that oversupply is to blame.
"In England, only about one in six dwellings is a flat - but of new-built properties, it's not far short of one in two," he commented.
"Developers say they are building a lot of flats because they are being encouraged to develop brown field sites with high density accommodation.
"However, in a few cities the supply of new flats may be causing problems. Unoccupied city centre apartments are now sometimes being let for one or two night stays, in competition with hotels."
Apartment owners may not be aware of the their poor investments, however, as national figures take into account London prices, where flats are performing much better.
Julian King, Director of National Homebuyers says: "We have been contacted by flat owners is Nottingham, York and Lincolnshire where the value of their property is falling at an alarming rate.
"Flat owners in these areas, and one would predict other nearby areas soon, are now distressed at the sharp fall in their property's value. As we are in the first stages of a major slowdown in the market, we recommend flat owners look carefully at the equity in their property and the affordability of their property."
National Homebuyers is the UK's leading fast purchase property firm, guaranteeing a quick sale of any property, in any condition in the UK. Their Sell and Rent Back solution is for homeowners of any age who want to release equity in their home but remain living there as a tenant
