Demand for London flats soars as more seek to buy first property

London flats are back in style after being out of favor during the pandemic “race to space”. There has been no exodus. Many younger buyers chose to rent when the dust settled on pandemic. This is the main reason why the lettings industry has been so hot. READ MOREThe Leader podcast: London flats are back in fashion after the pandemic “race to space” I’m middle-aged. PAID CONTENTHow Movember is bringing men together to improve mental health “These buyers, who put their purchases on hold, are being confronted by the reality that borrowing costs are going up. Many of these buyers are first-time buyers and are trying to catch up. This is why we expect flat prices in London to perform well in 2022. “Flats with no outside space were becoming more difficult to sell during the pandemic, as buyers sought larger homes that had gardens. The average price of London flats increased 0.74 percent in the year to September. This compares with a 4.92% rise in terrace houses, 7.33% for semi-detached houses, and 9.18% for detached homes. Rightmove claims that it has seen the same dramatic flip-flop in the trend in recent months. It has seen a greater increase in demand for flats — 27% last month compared to last year — than any other property. This coincides with the increased demand to live in London after it temporarily fell due to restrictions last year.