Flats make up approximately 1/5 of all UK properties.
(In London, this figure rises to 1/2.)
There are many different types of flat.
And they can be in many different places, from basements to the top of tower blocks.
One of these places is above shops.
Living above a shop: Considerations & Concerns
Many shops across the UK have flats above them.
Historically, many of these served as a residence for shopkeepers and workers.
Today, the nature of economic activity and transport has changed this. Most people living above shops are not owners or employees of them.
Noise
Most potential buyers and renters worry about noise from flats above shops.
These might come from the shops themselves and highstreets.
It’s especially true if the flat is above or near a pub or nightclub which rowdy visitors. Or above restaurants with delivery vehicles.
Of course, noise in flats is not exclusive to ones above shops. And there are noise reduction measures.
But the nature of shops as busy places makes them unappealing to many.
Odours
Flats above restaurants are particularly vulnerable to odours dominating them.
These could smells from cooking and waste disposal. (The latter done badly could increase the risk of pests.)
Privacy
Privacy is an important issue to most people.
Living above a shop means that many can see when residents are coming and going.
Most flats above shops have separate entrances, but they may be near shop entrances.
Rented rather than lived in
Most flats above shops are rented rather lived in by the owner.
They are suitable for this mainly because of their location, i.e., they are in relatively central areas.
This makes them attractive to renters more concerned with place than space.
Getting a mortgage
Getting mortgage for a flat above a shop is difficult.
Lenders often believe that the property will be hard to sell. There is also increased risk of fire, especially from flats above restaurants, and property disputes.
The changing UK high street
The UK high street has significantly changed in recent years.
There are now more closures than openings, and the type of shops opening has changed.
Whilst less shops means quieter highstreets, it also means uncertainty. So, residents don’t know when and what changes will be made.
In other words, a quiet retail store may be replaced with a busy bar at any time.
Selling flats above shops
In general, flats take longer to sell than houses.
All things being equal, flats above shops taken even longer.
That said, location is an important factor in selling flats. So, shops being in central locations partially offsets their slower sale times.
For owners struggling to sell, there are alternative channels to consider. These range from selling privately, to auctions and selling a flat fast via a cash buyer.
