Now the rules have relaxed somewhat, the pleasures of urban living have become apparent once more. Young people are keen to get on the property ladder, live near their friends, and enjoy city life. Restaurants, shops, and even the cinemas need our support after the pandemic.
Also, with mortgage interest rates so low, it’s a good time to sell and put those funds into a new home.
The data
Analysis of Rightmove’s 1.6 million property listings has shown that numbers of people enquiring about these types of properties has gone up by 39% since January. Bungalows similarly saw a rise in demand by 30% during the first quarter of the year. Village homes have seen a 32% increase in demand but city centres have seen an even higher rise of 35%.
Specific locations
In Sheffield city centre, there’s been a 57% increase in buyer demand. In Norwich, there has been a 63% jump, and in York, a whopping 76% since January.
Tim Bannister, Rightmove’s housing expert, said: “These are early signs but they certainly point to some good news for city centres across Great Britain, with a number of agents now telling me they’ve seen a marked uptick in demand from first-time buyers, and they’re managing to sell city centre flats more quickly than in earlier months of the year.”
What’s the ‘why’?
The government’s introduction of a 95% mortgage guarantee scheme has supported more first-time buyers to purchase their first home. Rightmove surveyed 1,000 first-time buyers and 17% are already using the scheme, or are planning to use it. That’s just under 1 in 5.
What does this mean?
Simply, it’s a great time to sell your urban property. Country and coastal properties appealed to buyers when lockdown restrictions were limiting available activities. Those who were locked down in urban locations were suffering. People felt claustrophobic and missed nature and rural areas. However the, easing of pandemic restrictions has seen increased buyer demand for flats and city centre locations.
If you’re looking to sell a property but would like to talk through your options, give us a no-obligation call today on 01664 566210
