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'One In Seven Properties Purchased Are Flats' |
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(21st May 2008)
As part of a look at various property styles, which could interest those looking for a cheap mortgage deal, Nationwide Building Society has revealed that 14 per cent of properties bought in the UK are flats.
It was shown in the report that London has the highest proportion of flats, as they account for 44 per cent of sales in the capital, while 20 per cent of UK flat sales take place in Scotland.
This news could interest first-time buyers FTBs as the building society explains: "Flats are significantly smaller than other property types, averaging 750 sq ft ... just half the size of an average detached property."
When looking for the best mortgage deal, house seekers may find smaller flats more affordable than other properties. Indeed, it is suggested that one-third of flats have one bedroom.
Meanwhile, the habits of FTBs have also been examined by the Association of Mortgage Intermediaries. The organisation claimed that ten per cent more FTBs are using an intermediary to buy their first property, compared to figures from early 2007.
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