In 2020, remote working drove an exodus from city centre living. The appeal of rural locations, gardens, green spaces and more space was high. The housing market is now reporting a U-turn, with apartment living in city centres back in favour. What factors are driving this change in direction?
The Convenience & Connectivity of City Life
The rural idyllic is beautiful, however, if you are used to the buzz of city life, it can feel remote and lacking in many modern living essentials. Many of those who escaped to the country are missing the convenience of having amenities on the doorstep.
As we settle into new working patterns, the desire for digital, transport and social connectivity is turning heads back in the direction of city life. Right Move* reports that flats are currently the most in-demand property, particularly those in central locations. Buyer interest in London flats is up 16% in May 2022, compared to May 2021.
Affordability for Home Buyers
According to Government data, house prices in England increased by 9.9%** in the year to March 2022. The average house price is now £298,000. Although still a challenge for first-time buyers, the average flat price is lower at £244,872.
In addition to the cost of the property, flats are typically more compact, with fewer external walls. This makes them cheaper to heat and with energy bills rising, this is appealing. Cost savings can also be made on council tax and maintenance.
Home Security
Feeling safe and secure at home is something that concerns us all. Many multi-occupancy buildings have access codes and other security features that control who comes into the property. CCTV and motion-detecting security lighting are additional tools to protect apartments.
Statista data reveals that 8.3million people live alone in the UK. Having good security measures, along with neighbours nearby, helps many to feel safe and less isolated.
In addition to residents, controlled access can protect belongings. Many apartments feature secure letterboxes for flats in the foyer and a parcel delivery box or parcel collection service to keep personal mail and online orders safe.
Close Proximity to Local Amenities
City apartment living means that you have everything you need on the doorstep. Close proximity to train and tube stations has returned as a priority on the search criteria. Buyers also want to be near bars and entertainment venues and they want to be able to grab dinner on the way home.
Facilities to Entice Buyers & Renters
Modern developments bring some amenities in-house, as many feature an on-site gym, café, hot desks, laundry services and private parking. This is the type of convenience that modern buyers are seeking.
As a developer of apartments or a landlord of flats for rent, what facilities are you providing to entice buyers and renters?
Letterboxes for Flats
If installing or replacing communal letterboxes is on the cards, we can assist.
As specialists in European-made communal letterboxes, Letterbox4you supplies high-quality, secure apartment mailboxes. For smaller developments, we have wall-mounted solutions including Urban Easy W4 letterboxes, Tocco de Italia Cubo post boxes and Beta Parcel Boxes. These can be ordered online and delivered to UK postcodes in 1-2 days.
For larger developments, we group apartment mailboxes in combinations tailored to requirements. Our selection of post boxes for flats includes internal, external, free-standing and recessed. Contact us with your spec and we’ll happily recommend suitable products and provide a quote.
* https://www.rightmove.co.uk/news/articles/property-news/2022-housing-market-whats-changed/
** https://www.gov.uk/government/news/uk-house-price-index-for-march-2022
*** https://www.statista.com/statistics/281616/people-living-alone-uk-by-gender/