July 12, 2024

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Cities are beginning to re-attract property buyers

According to property portal Rightmove, prospective home buyers have returned to the cities, with flats being the most in-demand during the autumn. The property market in the United Kingdom was remarkably unaffected by COVID’s economic consequences, with demand and price increases continuing high throughout the crisis.

The space quest drove this, with buyers drawn to larger, coastal or rural houses.

As workers returned to their desks, though, interest in apartments resurfaced.

This is not, however, a return to the pre-pandemic real estate market. According to Rightmove, a long-term shift has occurred, with purchasers willing to pay more for room and solitude.

As a result, the price difference between detached and semi-detached properties has widened. A detached house was 76% more expensive than a semi-detached house in October, compared to 70% in March 2020.

Prospective buyers have also increased the size of their searches by an average of 50 square kilometres, indicating that they are willing to relocate slightly further away from public transportation and high streets as they spend more time working and amusing themselves at home.

Houses on the outskirts of town or in the countryside saw the most demand and, as a result, the most price increases. In the aftermath of the horrific incident at Grenfell Tower, many apartment owners were unable to sell as a result of the cladding situation.

City centres had become less appealing places to live for people who did not work in an office or were unable to socialise or enjoy the entertainment attractions of urban centres during the pandemic’s peak.

According to Rightmove, there was a shift in buyer preferences as workplaces and venues reopened before the commencement of the Omicron variation.

Flats had risen to the top of the list among prospective purchasers by the autumn, becoming the most sought-after type of property.

The pandemic’s impact on jobs and the economy may continue to have an impact on the market. Although the study is based on averages, local housing markets, demand, and property prices can be influenced by a variety of factors, including the effectiveness of local schools, as well as roads and new development.