Blocks of flats are common in London because they allow more homes to be built on the same piece of land. They are also popular because buyer tastes have changed and buyers are more likely to look for a valuable single floor property rather than a traditional home. Luxury apartment buildings also tend to have additional facilities that residents can find attractive.
The popularity of flats has led high end estate agent Rokstone to look at the market and see which floor sees the highest demand. They looked at over 6,000 clients to see buyer patterns. The results are quite impressive, indicating that 60% of buyers are looking at the first floor. Just 5% are searching for homes on the ground or lower ground floors. The same number can be attributed to the top floor, including penthouses. The remaining 30% could target other stories with the second and third the most popular.
The high demand for first floor homes could be caused by several factors, including the ease of access coupled with the added security and privacy from being off the ground. Higher floors will offer better views, but these can be offset by the need to climb stairs or take the lift. In the end, it comes down to the individual criteria of the resident.
The demand for first floor flats and apartments is reflected in the price of the homes. They tend to come at a premium and Rokstone even claimed that a two bedroom first floor apartment in a typical five storey building could have a 50% premium. According to their figures, top floors and basement homes would be the most affordable, although genuine penthouses would have a premium over every other floor.
Ground and basement properties can command more value if they come with gardens. These can add between 5% and 10% depending on the size and what can be done with the space. If the garden gets sunlight and can be used for planting, it will naturally bring more value.
Buyers should be aware of the differences between prices on different floors in the same building. If they are planning on leasing the property they should keep in mind that rents for the first floor can be higher due to the demand. Our experienced team offer full block management for all Ealing and London properties and can manage every aspect of purchasing and owning a flat or even an entire block, so contact us if you need help with the decision making process.