- Liverpool’s in-demand flats beat the wider market by more than 2 percentage points
- Salford is only other major UK town or city where flats outperform overall growth
- Birmingham and Manchester close behind, defying predictions of pandemic exodus
London, February 24, 2022 – It’s official, Liverpool and Salford are leading the way on levelling up when it comes to the post-Covid property market.
Demand for flats has bounced back so hard that their annual gains have now started to eclipse those of the wider market, having surged as the UK emerges from the pandemic, analysis by property experts James Pendleton reveals1.
Appetite for flats fell away during the pandemic as lockdown-weary Brits sought bigger homes with more outside space or played for time by renting.
Yet they now lead the way in Liverpool and Salford as buyers fall back in love with city living, and feel more comfortable putting down roots. The latest Land Registry figures show flat prices in Liverpool are up 12.9% annually, compared with a 10.7% lift for all properties — while Salford has recorded an 11.3% rise against overall growth of 10.9%1.
Meanwhile Birmingham, Luton and Manchester are also seeing a renaissance, with flats in all three areas rising to within a percentage point of overall market growth1.
The trend is hugely significant because speculation had been rife that the big cities would suffer a Covid-induced exodus.
Instead, the rental market saw enormous demand nationwide as buyers postponed decisions to put down roots. As life returns to normal, homes with outside space are becoming less of a priority as lockdowns are seen as a thing of the past.
[Table: ranked in order of how well flat prices are competing with the overall market]
|Average Flat Price||Annual Change — Flats||Average Property Price||Annual Change — All Homes|
Source: Land Registry, Dec 2021 vs Dec 2020
Lucy Pendleton, co-founder of James Pendleton, said:
“Escape to the county – what escape to the country? These figures show that rumours of the demise of cities have been greatly exaggerated.
“Instead what we’ve seen is buyers taking a pandemic pause to consider their options and driving up the rental market in the meantime – they’re now champing at the bit to return, as seen by a surge in registrations of interest.
“Flat hunters are back and, with lockdowns a thing of the past, have a renewed hunger to put down roots where the action is. The lure of city living endures and, for many, outdoor space is no longer the be all and end all despite holding all the cards during the pandemic.”