Flats are the new des res

Experts say that wealthy buyers seeking a home in the capital are now more likely to buy a flat - either newly built or in a converted period property - than a house.

Knightsbridge and Belgravia are the most popular areas to buy these homes.

As a result of the trend, high-end flats are now more expensive, in terms of floorspace, than houses.

Some are fetching up to eight per cent more than houses per square foot.

Central London estate agency WA Ellis says it has sold 30 flats worth a total of £50 million in the past six months - mainly to overseas buyers who are untouched by the current credit crunch.

In the same period last year the firm sold 28 flats for a total of £43million.

The main attractions of a flat over the traditional London townhouse include better security, round-the-clock porterage, easier maintenance and fewer stairs.

Daniel Wiggin of WA Ellis said: "Some of our foreign buyers demand new apartments or new interiors created within a period building.

"The main priority of the very rich is always high-level security. They will therefore choose an apartment on the upper floors and secure parking.

"Most of our European buyers use their London flats as weekend homes. They will fly in on a Friday evening to spend the weekend shopping, eating out and enjoying London's entertainment before flying back out on Sunday.

"Our Middle Eastern buyers want large spaces without lots of stairs. As they prefer to entertain large numbers of people at home, they insist on very large reception rooms, elaborate modern kitchens and staff accommodation. They will want all the bedrooms and bathrooms out of sight of the main entertaining space.

"They demand staff accommodation either in the flat or they will buy a small flat nearby for staff.

"As they spend more time at home, they also want media rooms, walk-in dressing rooms, wet rooms and the latest lighting and sound technology."

Brian D'Arcy Clark of Savills confirmed the growing popularity of flats.

He said: "With space at such a premium, apartments give a greater impression of size. There is no wastage of floor area to staircases and lifts and the ease of getting about is better for entertaining.

"Globe-trotting buyers want to be able to simply lock up and leave the property, which is easy with the in-house porterage and facilities of the high-end blocks.

"Foreign buyers are more likely to have been living in flats in their home country and are more used to this layout."

London's record price for a flat was set this year when a 70-year lease property in Eaton Square sold for £3,200 a square foot.

THE NEW DES RES...

French feel: £7 million first-floor flat in Eaton Square with 70-year lease. Covers 2,217 sq ft. Drawing room with windows on to a balcony, Versailles plasterwork, master and two further bedrooms.

Room service: a pair of £4.95 million flats on the site of the Halcyon Hotel in Holland Park. Each has two bedrooms, custom wall coverings, solid flooring in wenge wood and leather and a floor-to-ceiling wine cellar.

Size matters: £7.25 million flat in Queen's Gate with long lease. 4,200 sq ft conversion of two stucco-fronted period buildings. Main bedroom has ensuite bathroom and dressing room over 1,200 sq ft.

Old and new: £3.95 million modernised flat in Queen's Gate with stucco front, Grade II-listed exterior. Three double bedrooms with en-suite bathrooms, drawing room, dining room, media room and kitchen.