2023: the year of the flat…again?

Tue 31 Jan 2023

Paul Bennett, Director

As estate agents working in the St. John’s Wood area for more than 25 years, the Behr & Butchoff team has seen a number of property trends come and go. Our blogs - written over the last four years - really do tell a tale, with a very distinct swing between two property types.

 

The tussle between the London house and the London flat is ongoing, although it was never more prominent than during and just after the pandemic. Houses really stepped into the spotlight as we became gripped by the ‘race for space’, with our estate agents documenting the popularity of houses in August 2020 and again in September 2021. The pendulum did, however, swing backwards and forwards as lockdowns came and went, and we wrote about the good fortune of flats in April 2021 and May 2022.

 

Now, in 2023 and with thoughts of track and trace lodged firmly in the past, flats are finding favour again. As well as our estate agents handling a raft of enquiries from buyers looking for apartments, Zoopla has noted a similar trend.

 

At the end of January 2023, the property portal had enough data to forecast what buyers were looking for in the coming year and it wasn’t shy of declaring that flats were top of the list. The agents at Behr & Butchoff were particularly interested in Zoopla’s regional data, which revealed that 49% of buyers in London were looking for one- and one-bedroom flats. This figure was up from 42% a year ago.

 

When we wrote ‘flats are back’ in April 2021, it was down to London’s cultural and social assets reopening to the world, and international travel corridors starting to flow once again. In May 2022, it was because the last vestiges of the pandemic were gone for good and more offices were calling workers back to their desks.

 

In January 2023, the reason why London flats are in fashion has changed. The cost-of-living squeeze and higher mortgage rates are pushing more purchasers to seek value-for-money in the capital.

 

Behr & Butchoff is also charting the path of equity-rich homeowners, who see now as a good time to downsize to a smart apartment and free equity. Lastly, we can’t rule out purchasers weighing up how much it costs to heat and power a house versus a flat. Now, more than ever, an energy-efficient apartment of more modest square footage is a sensible – if not forever - option.

 

We have an impeccable reputation for selling some of North West London’s finest flats, including many that don’t compromise on size or specification when compared to a house. From the ultra-luxurious brand new apartments at Marylebone Square and a flat in the classic portered Grove Ends Garden mansion block, to a ground-floor flat in Pavilion Apartments opposite Lord’s Cricket Ground and a converted Queen’s Park flat set in a fine period property, Behr & Butchoff has an apartment to suit your needs.

 

For the record, we also sell a wonderful variety of houses in and around St. John’s Wood. It really is ‘horses for courses’, so get in touch if you are looking to buy a new home, or if you have a property to sell.