30-05-2007
Older homes more popular than new-builds
According to a property expert, older properties may be more attractive as buy-to-lets than newly built properties.
According to Ian Fletcher, the director of the British Property Federation (BPF), older properties have an advantage over new-builds in terms of storage space and their overall location. They are also increasing in value faster, according to data released by the Land Registry. The cost of older flats has risen by 59 per cent since 2002, compared with a 15 per cent rise for newly built flats.
"There's the advantage of location. Older property often has some of the best slots in towns or villages," said Mr Fletcher.
"The area is established and has local communities to go with that. Generally you tend to be located in the best part of that particular town or village," he added.
The BPF represents those participating in property investment and ownership within the UK.