London flats prices collapse 16pc as demand shifts to suburbs

25 February 2021

The Daily Telegraph

From surveying the many house price indices, it may seem that there is a property market boom across the country. But the effects of the pandemic have hit London’s market hard, in particular demand for flats.

A new desire for more space after lockdown, combined with panicking landlords selling up and travel restrictions shutting out international buyers, has created a toxic cocktail for those trying to find a buyer for their flat. As a result, they have had to slash their prices as demand has crumbled and their properties languished on the market amid soaring supply.

In January, asking prices for inner and outer London flats were down 16.2pc and 6.7pc respectively compared to May 2020, according to data company TwentyCi. But prices for houses in London’s outer reaches were up 4pc.

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