The property market has finally recovered since the pandemic, with sales in London now higher than they were before 2020.
According to Rightmove, overall sales agreed in the capital were 11 per cent higher in March 2023 than they were in March 2019, despite some areas of the country still being below pre-pandemic results.
This is being driven by the sale of flats, with London’s figures being 23 per cent higher than they were in March 2019.
Property expert at Rightmove Tim Bannister noted the market has been “surprisingly robust given the economic headwinds” of the last year.
“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,” Mr Bannister stated.
Rightmove also revealed the average size of price reduction is back to six per cent, which is what it was before the pandemic.
Mr Bannister added this could be down to estate agents pricing the property correctly when they put it on the market, leading to quicker sales and fewer negotiations.
According to Halifax’s most recent House Price Index, property values in the capital have risen by 0.1 per cent over the year. This is lower than the national average change of 1.6 per cent. However, properties in London are still considerably more expensive than the rest of the country, typically costing £537,250.
This could, therefore, be a good time for homebuyers looking for flats for sale in Hackney to get on the property market before prices escalate further.