More people are now living in flats rather than houses. Once upon a time flat living was quite rare in England and Wales, but now more flats than houses have been built since 2003, and over 100,000 new flats are now being built each year. With these number growing every year.

In January 2006 57% of all new housing built in the UK was new flats, compared to only 24% of detached houses.

With house prices booming, buying a flat is some people only option for getting on the property ladder. Flats are easier and cheaper to run and in most cases safer than houses.

They are ideal for young people or older people downsizing, fact anybody who does not want the fuss and bother of looking after an entire house.

Buying a flat to live in or to let is different from buying and living in a house. As flats and apartments are sold leasehold rather than freehold which means buying a length of tenure rather then the property itself. This can have financial implications when the freeholder suddenly hikes up the service charges or lands tenants with a six figure sum for exterior decoration.

So as always ita EUROS TMs a good idea to do your homework and look into all aspect of the sale.

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