STUDIO flats are making a comeback, years after property experts predicted no more would be built.

When the price of homes in the recession of the early 1990s tumbled, first-time buyers were able to step on to a higher rung of the property ladder.

But after a period of escalating prices, first-timers are finding it tough to get started with a home of their own.

Now developer Chris Goddard, of GAP Developments, is helping people to realise the dream of being able to buy.

He is converting a former care home near to Basingstoke town centre into 12 studio apartments and just two one-bedroomed flats.

And as soon as Greenbanks, in Cliddesden Road, was advertised by estate agents Chequers, there was a rush by first-time and investment buyers - one of whom bought two studios.

By the end of last week, only eight studios - which are all priced at £99,950 - were available, even though the work is not due to be completed for several months.

The conversion of the late Victorian building will see modern studio living with fold-down beds, fitted wardrobes, a shower/bathroom and appliance fitted kitchen - and for less than £100,000.

Steve Halstead, of Chequers, reckons this is the first development of studio apartments in Basingstoke for at least 15 years and was not surprised that his staff were nearly knocked down in the rush from buyers to clinch an early bird reservation.

He said: "This is a very exciting opportunity for first-time and investment buyers.

"The interest proves there is a market for this type of development - especially as people will have modern living in a character building in a prime residential area."