Focus of prime mortgage market 'switched to flats'

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Focus of prime mortgage market 'switched to flats'

Wed 2nd Sep 2009

More people are deciding to invest in flats rather than houses at the top end of the mortgage market, according to an industry expert.

Karen Goodin, a partner at Black Brick, claims that there is now a lot more interest in buying properties as investments, rather than as homes.

She has noted that the demand is for flats instead of houses when people choose to invest in prime property and commented that the prime mortgage market has been most affected by what has happened in the past year.

"Whereas last year we would have been buying big houses for people to live in as a home or second home, the focus is now very much more on flats," she said.

It is a tough time for the industry, Ms Goodin pointed out, as there is not enough movement going on, which means that while one person may want to buy a house, the seller may not have another property.

She made her comments in response to the July House Price Index published last week, which showed that the number of sales of houses valued between £1,000,001 and £1.5 million dropped by 46 per cent year-on-year.

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