Flats drive property sales back to pre-Covid figures

New data released by property website, Rightmove, has revealed that house sales agreed are back to March 2019 levels, with sales of flats 10% up on pre-Covid levels.

Sales agreed between sellers and buyers are now just 1% behind levels last seen before the Covid-19 pandemic in 2019. The recovery is being driven by sales of flats with agreed sales now 10% above pre-pandemic levels after being 11% down at the start of the year, despite rising interest rates on mortgages.

Rightmove’s property expert Tim Bannister said:

“The market is remaining surprisingly robust given the economic headwinds that have affected movers over the last six months. While the market is by no means at the exceptional level it has been over the last couple of years, it is a positive sign for agents that sales at a national level are being agreed at the same rate as the last more normal market of 2019, though there are regional differences across Great Britain.”

London has seen the most pronounced increase in flat sales, at 23% higher than in March 2019, but with the trend seen across the country.

The increased popularity in flats bodes well for the success of the numerous apartment schemes progressing in Stockport. Work is underway on the conversion to flats of the 18th Century Weir Mill and construction two neighbouring apartment blocks by Capital & Central as part of the Stockport MDC’s Town Centre West regeneration district. Planning approval was also recently granted for Great Places Housing Group to deliver 72-home apartment scheme on King Street West, with the housing association submitting a further application this week for a further affordable apartment scheme on Chestergate.

Rightmove’s data also revealed that the average size of price reduction from first to last listing had also returned to its pre-pandemic level of 6%, equivalent to £22,000 of the average asking price. The number of properties seeing price reductions was also in line with pre-pandemic levels, with a third of properties seeing the asking price reduced.

Rightmove’s Tim Bannister continued:

“The level and size of reductions has also returned to its pre-pandemic norm, though pricing right the first time can often lead to a quicker sale, so it’s important for sellers to speak to an agent about their local market so that they price realistically and give themselves the best chance of finding a buyer.”