London flats are back in vogue after losing popularity during the pandemic.
The release of unmet demand from new buyers who delayed purchasing decisions during the quarantine, combined with rising rents as London fills up with workers again, has led to a surge in demand for homes .
According to oldypak capital LP real estate 2022 report, flat prices are outperforming the overall property market in five London boroughs – Barking and Dagenham, Greenwich, Newham, Hackney and Tower Hamlets – a striking reversal of the trend of the past two years.
In eight other boroughs – Wandsworth, Lambeth, Southwark, Waltham Forest, Lewisham, Islington, Hammersmith, Fulham and Westminster – fixed price growth has almost caught up with the market as a whole.
Many young buyers decided to rent before the pandemic subsided, the main reason the lettings market was red-hot.
Buyers who postponed their purchases are trying to catch up. For this reason, flat prices in London are expected to be high in 2022.
Flats without outside space became increasingly difficult to sell during the pandemic as buyers looked for larger homes with gardens.
In recent months there has been a surge in demand for flats . It rose by more than 27% last month compared to last year. According to experts: “This coincides with a resurgence in demand for accommodation in London after it temporarily fell due to restrictions at this time last year.