Housing Market in London Boosted By New Flats
New flats sales are driving the housing market in London, with a surge in deals reported in the latest market analysis.
The number of property sales agreed is now just 1% behind the pre-pandemic level of March 2019, a significant increase from January's 21% decline.
Demand For New Builds Remains High
Sales of new builds in London are particularly strong, with agreed flat sales up by 23% compared to March 2019.
Buyers are attracted by the modern amenities and high-quality finishes that new builds offer, as well as the opportunity to customize the property to their liking.
While the recovery is generally positive, there are still regional differences across Great Britain. Sales in the East Midlands are taking the longest to catch up, still 11% below 2019 levels.
Meanwhile, sales in London are the highest, up 11% compared to March 2019.
Sellers are advised to speak to a local agent to price their property realistically, as one-third of properties see a price reduction before being sold. However, the average size of price reductions has returned to its pre-pandemic level of 6%, equivalent to £22,000 based on the current national average asking price.
Overall, new builds continue to be the leading factor of the housing market recovery in the UK. They are driving the housing market in London, with strong demand for modern amenities and customizability.
While there are still regional differences, overall sales are recovering, and the average size of price reductions has returned to pre-pandemic levels. Meanwhile, sellers should work with a local agent to price their property realistically for the best chance of finding a buyer.