With skyrocketing mortgage rates and a cost-of-living crisis, flats are making a surprising resurgence after being overshadowed by houses during the pandemic.
According to property portal Zoopla, a remarkable 20% of aspiring homeowners this year are seeking two-bedroom flats, a notable increase from 17% in both 2021 and 2022. Conversely, the interest in three-bedroom houses among first-time buyers has dropped to 40%, a significant decline from its peak of 46% in 2021.
Interestingly, the demand for two-bedroom houses has waned, while the popularity of one-bedroom flats has risen. Additional data from the portal Rightmove reveals that the number of sales agreed for flats in March 2023 exceeded the levels seen in March 2019 by 10%.
Despite apartments comprising approximately one-fifth of all homes in Britain, the prices of flats have significantly lagged behind the growth experienced by houses, particularly since the onset of the pandemic.
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