While lengthy lockdowns have caused many to re-evaluate their homes, the apartment lifestyle remains an ambition for many.
That’s the view of property management firm Warwick Estates which has analysed homebuyer demand for apartments.
The company has looked at the number of apartments and flats in key cities sold subject to contract or under offer; it then calculated the number as a percentage of all flats listed for sale.
When looking at overall demand across the UK’s top 20 major cities, an average of 40 per cent of all flats listed for sale had already been snapped up by buyers.
However, in some major cities, the demand for flat living is far higher. Glasgow showed the highest popularity of flats, with buyer demand at 71 per cent.
Nearby Edinburgh is also a flat hotspot, with 60 per cent of all flat and apartments listed for sale already SSTC or under offer.
Outside of Scotland, Bristol was top at 55 per cent while Plymouth (53), Bournemouth (47), Portsmouth (45), Leeds, Southampton and Nottingham (all on 42 per cent) and Sheffield (41) also ranked highly.
When looking at what features of a flat are most sought after, the availability of garden space is the hottest requirement in the current market. Some 44 per cent of all flats with garden space listed for sale on the market are already sold or under offer.
Parking and garage space ranked as the second most sought after feature (42 per cent), with a balcony and terrace (36 per cent) placing ahead of a porter or concierge (27 per cent).
“With a lockdown escape plan now in place, we expect demand for flat living to strengthen as our major cities once again become the hub for our professional and social lives. Of course, with the pandemic and memories of lockdown still very fresh in our minds, homebuyers of all property types will continue to prioritise size and outdoor space when searching for their perfect home” explains Emma Power, chief operating officer of Warwick Estates.