Cities are attracting more property hunters with demand for flats outstripping that of houses in the autumn, the latest sign that the pandemic-fuelled “race for space” could be waning.
UK property prices hit record levels during the pandemic as factors including the rise of home and flexible working fuelled a buying boom outside cities.
However, as staff returned to offices with flexible and hybrid working patterns through the autumn – prior to the emergence of Omicron – interest in flats has surged.
“When the housing market reopened in May, there was an immediate rush for room from buyers to look farther afield from the capital,” said Tim Bannister, the director of property data at the property portal Rightmove.
“However, in recent months
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