Sales of London flats are up nearly 25 per cent on pre-pandemic levels, according to new data, in a sign that the City’s property market is starting stabilise.
In March, flat sales in London were 23 per cent higher than in March 2019 – the first time monthly sales have been higher than in 2019 since September, according to new figures from property website Rightmove.
Overall property sales, including flats and homes, in London were 11 per cent higher than in March 2019.
“We have noticed a significant upswing in buyer demand for apartments of all sizes,” Robert Sturges, central London area director at Chestertons, said.
“This demand for flats is driven by professionals who wish to shorten their commute, parents who invest for their children but also overseas buyers who are taking advantage of favourable currency exchange rates,” Sturges added.
Tom Bill, head of UK residential research at Knight Frank, said that he was also seeing the London market return to normal, as professionals begin to figure out their new “work life balance” in the capital.
However, across the rest of the UK, property sales are still 18 per cent below this time last year.
Additionally, the data showed that the average mortgage rates have been edging down this year.
According to the Rightmove data, the average mortgage rate for a 5-year fixed, 15 per cent deposit mortgage was 4.63 per cent in March, down from 5.89 per cent in October.
“The market is remaining surprisingly robust given the economic headwinds that have affected movers over the last six months,” Tim Bannister, a property expert at Rightmove, said.
“While the market is by no means at the exceptional level it has been over the last couple of years, it is a positive sign for agents that sales at a national level are being agreed at the same rate as the last more normal market of 2019, though there are regional differences across Great Britain,” Bannister added.