Demand drops for London apartments during pandemic

The effects of the pandemic have hit demand for flats in London. In January, asking prices for inner and outer London flats were down 16.2% and 6.7% respectively compared with May 2020, according to data company TwentyCi. The proportion of flats sold has fallen too, as consumer demand quickly changed, favouring a house with a garden in the outskirts over a small flat in a handy location. Despite the headwinds facing the London flat market, pent-up demand from the shutdown last year, and the added incentive of the stamp duty holiday, have still boosted sales; TwentyCi found that in December, agreed sales for inner London flats were up 40%, going on to rise 8% year-on-year in January.

The Daily Telegraph (26/02/2021)