The unfathomed impact of lockdown and the pandemic, including working from home changed the way many people viewed their living environments. Many reassessed their lifestyle priorities, leading them to redefine the role of their home.  

When the property market reopened in May 2020, the “race for space” to the country houses or coastal properties contributed to a huge London property exodus, with London leavers buying 73,050 homes outside the capital in 2020 and 112,000 buying houses outside of London in 2021 (Hamptons).

So what’s changed?

The end of the stamp duty holiday, which was phased out over the summer and ended on 30 September 2021, in addition to the reopening of some town and city centre offices may have contributed to the return of demand for flats and apartments.

As more employees return to their offices, home buyer’s priorities are once again shifting. Halifax’s latest findings show that house price growth for flats is beginning to outpace that of detached houses. The average price of flats and apartments has risen by 10.8% over the last year, compared to the prices of detached homes increasing by 6.6%.

Rightmove have also uncovered similar trends in buyer behaviour trends stating that flats and apartments have become the most in-demand property type, among prospective buyers.

“The complete reversal in demand from bigger houses to flats paints a picture of society opening up again and a group of people looking to be closer to city centres,” said Tim Bannister (Rightmove).

“Although there was less demand for flats when the market reopened, with more availability than other property types, and more steady average asking price growth over the last year, flats could be a good opportunity for people looking to move or to get on to the ladder next year.”

With the government’s Help to Buy scheme still available for first time buyers of new build flats and up to 95% mortgages available, apartments can be the perfect option for home buyers looking to get on the property ladder. 

The property market boom may have also motivated property owners to re-mortgage, releasing equity from their houses to purchase additional properties, likely to be flats and apartments.

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