With London house prices down nearly 25% over the last five years, Zoopla is seeing renewed demand for urban properties and flats and a waning of COVID-19 era appetite for coastal and rural homes.
as expectations rose that the Bank of England would increase interest rates further than expected in an effort to bring down inflation, which many feared would spiral due to unfunded tax cuts and spending on energy supports.in more than two years during October, according to data from the Bank of England.Evidence can already been seen of market weakening with Zoopla reporting sellers have been accepting offers 4% below asking price to secure a sale in the last month.
House hunters who had once sought space and working from home may be turned off by increased prices in such areas over the past two years, Zoopla said.property prices have fallen by 24%, demand is increasing for urban areas to be near jobs and services. Benefiting from that urban buyer interest have been areas such as Bradford, Swindon, Coventry, Crewe, Milton Keynes and Southend.
At the same time, demand for and sales of homes in coastal and rural areas have reduced at a greater rate than other locations. Areas where this trend is evident include parts of the south of England, such as east Kent, Torquay and Portsmouth; the wider Lake District area; and mid-Wales.
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