An analysis of over 1.6 million UK properties from Rightmove has shown signs of demand for smaller and city centre properties rising and a drop in rural demand. January saw the biggest jump in buyer demand for flats at 39%, with demand in city centres up 35% compared to villages at 32%.
The growth in urban locations across the UK is now outperforming the growth in rural areas for the first time since the pandemic began. Demand is concentrated in first time buyers seeking to take advantage of cheaper city centre prices and the government’s 95% mortgage guarantee scheme.
Between January and April, inner London saw demand rise by 30%, and outer London at 34%. Nationally, UK cities Winchester, Oxford, Bath, Edinburgh and York came out top for price rise hikes in the first three months of 2021.
Rightmove’s Tim Bannister commented, “Right now some buyers are able to grab a relative city bargain compared to the heady price growth outside cities, but these early signs of demand could be the start of city prices rising again, so for those home-hunters who have their sights set on a city centre flat, now is the time to see what’s available.”
HAYES VILLAGE, LONDON
THE TRIANGLE, KENT
SCHOLARS QUARTER, BIRMINGHAM