The UK property market is currently in a state of flux, with rising mortgage rates and a cost-of-living crisis putting pressure on buyers. However, there are still some properties that are selling well, especially in London.

Family-sized homes are still in demand, but buyers are looking for bargains.

In the past, 3- and 4-bedroom family homes were the most popular type of property in London. However, rising mortgage rates have made these homes more expensive, and buyers are now looking for good deals.

Flats are also selling well, especially in central London.

Flats are often seen as a more affordable option than houses, and they are also becoming more popular with investors. In central London, flats are selling at a premium, and there is a shortage of supply.

What does this mean for sellers?

If you are selling a family-sized home in London, you may need to be prepared to negotiate on price. However, if you are selling a flat, you may be able to get a good price, especially if it is in a desirable location.

Here are some tips for sellers in London:

  • Get your property valued by a professional.
  • Price your property competitively.
  • Make sure your property is in good condition.
  • Market your property widely.

The London property market is always changing, so it is important to stay up-to-date on the latest trends. If you are thinking of selling your property, it is a good idea to speak to a property expert to get advice on the current market conditions.

Here are some additional details about the UK property market:

  • The average house price in the UK is currently £280,000.
  • The average house price in London is currently £525,000.
  • The number of house sales in the UK fell by 12% in July 2022.
  • The number of house sales in London fell by 10% in July 2022.

Key takeaways

  • Demand falls as higher mortgage rates prompt buyers to reassess what they can afford
  • Family-sized homes are hardest hit as buyers have less money to spend on larger properties
  • Flats make a comeback, gaining popularity as buyers look for more affordable options