As space in London is limited, an interesting trend is developing that sees wealthy house hunters opt for “super flats” rather than traditional mansions. Many investors are doing away with stately home style properties in favour of stair-free apartments. This definitely does not mean they are downgrading in size; huge luxury flats can contain multiple bedrooms and many are packed with luxuries like high ceilings, marble bathrooms and even gyms.

The trend has taken off with more and more people opting for lateral living. The most common reason for the shift is that there is little space to build mansions in Central London. Developers prefer apartment buildings because they can fit more homes onto a site. High floored properties also offer fantastic views of London, a commodity that many buyers are happy to pay for.

The influence of overseas buyers has also played a role in the shift. British buyers traditionally see stately manor style homes with large wings and sweeping staircases as a sign of wealth. Foreign buyers don’t have this belief and are more than happy to enjoy lateral living in properties that are well laid out.

Another reason is that luxury apartment buildings tend to come with additional services and facilities that wealthy investors appreciate. If the building has a gym, leisure facilities and a concierge service buyers will look closer at it.

Lateral living has taken off so much that properties can fetch more than their mansion counterparts. For example, a six floor home in Belgravia without a lift could sell for between £2,000 and £2,400 per sq foot. A luxury apartment of similar size in the same area could go for much closer to £4,000 per sq foot.

You only need to look at recent sales to see how popular “super flats” have become. In July a penthouse apartment in Mayfair was sold for £7,000 per sq foot, making it the most expensive home in the UK in 2015.

If you’re considering making a property investment, we can advise you on the right route to take and ensure you make a decision that is beneficial for your portfolio, whether your budget stretches to one of London’s most luxurious properties or not. Contact us to find out how we can assist with property investment in Lambeth, Islington, Redbridge, Westminster and all other London boroughs.