HOUSES AND FLATS: WHICH TICKS THE BOX IN GLOUCESTERSHIRE?

WHILST some people prefer to live in a house and others prefer an apartment or flat, the reality is that the UK is home to roughly 47 million houses, compared to just 9 million flats. It is, therefore, no surprise that houses are much more popular and demand for them is higher. Preference for a flat over a house, or vice versa, will often be dictated by your age and lifestyle needs, however when purchasing a property, money is arguably THE most important factor. When purchasing a flat, there may be ongoing service fees or ground rent to pay meaning that annual running costs are higher than a freehold home. However, purchasing a house has the potential to cost you more initially, depending on the location. This is certainly the case here in Gloucestershire. Whilst houses make up 84% of all properties in the UK, here in Gloucestershire they’re even more popular, accounting for over 90% of all homes. Houses here sell for, on average, at least £325,000. The price tag for a flat, meanwhile, is 46.3% lower at just over £174,000. However, despite this significant difference in price, houses continue to outsell flats in Gloucestershire: by a staggering 559%! Flats are often seen as a starter home and the first step on the ladder for first-time buyers and they consequently have a much quicker turnover. However, as the age of first-time buyers increase, many are saving and planning for longer and deciding to skip purchasing a smaller flat and start out, instead, with a property more suitable for a family with a view of living there longer. If you’re looking to upsize or downsize within Gloucestershire, or to simply relocate within the UK, then get in touch with one of the nine Andrews branches across the county or visit us online at www.andrewsonline.co.uk