I have been looking at flats for about the last 5 years (waiting for a crash that i dont belive will happen) but came to the conclusion that prices appear to relate to location and area of the property itself rather than its condition. So made the desision just to buy the best one i could in the location i was after.
Time will prove if this is the correct thing to do.
I live in Chelmsford Essex and wonder if this is true elsewhere.
When i brought my first house there were loads of properties around needing work but these are all now done up and worth around the £200K mark !