January 19, 2022

UK: London remains the leasehold hotspot for homebuyers, but North West isn’t far behind

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IMAGE: Warwick Estates

From Janes Lockett, ProperPR

Research [at September 28, 2021] from Warwick Estates has revealed which regions of the property market in England and Wales are currently the leasehold homebuyer hotspots. 

Warwick Estates analysed price paid data from the Land Registry over the last 12 months to see where the most leasehold homes are selling. 

The figures show that across England and Wales, 651,488 homes have sold in the last 12 months, 117,892 of which have been leaseholds, accounting for 18% of all market activity. 

London continues to lead where leasehold property popularity is concerned. 44% of all homes sold across the capital in the last year have been leasehold, by far the highest proportion of all regions. 

However, the North West ranks second, where the 25,858 leasehold sales equate to 32% of all market activity.

The South East completes the top three regions with the most leasehold homes sold, with 15% of all transactions in the last year being for leasehold properties. 

In contrast, just 6% of homes sold across the East Midlands in the last year have been leasehold, while Wales (8%) and the West Midlands (11%) are also home to some of the lowest leasehold homebuyers.

COO of Warwick Estates, Bethan Griffiths, commented: 

“The leasehold lifestyle appeals to a certain type of homebuyer and so there will always be a large regional disparity where the proportion of market activity attributable to leasehold sales is concerned. 

They remain a popular choice in many larger cities where apartment living, in particular, is the lifestyle of choice for many. They also provide a more affordable option for those purchasing in inflated pockets of the market. 

However, we’re now seeing an increase in popularity due to the social and communal aspects that many leasehold developments offer. This has become an important feature for many since the nation was plunged into lockdown and will remain a prominent aspect of life after the pandemic.” 

LocationAll transactionsLeasehold transactionsLeasehold %
London69,26530,68344%
North West79,68525,85832%
South East118,69618,23415%
South West75,99110,87714%
North East27,3053,79114%
Yorkshire and the Humber60,1087,49312%
East of England77,0308,93212%
West Midlands region57,5606,30711%
Wales31,4372,5018%
East Midlands54,4113,2166%
England620,051115,39119%
England and Wales651,488117,89218%
Data sourced from the Land Registry Price Paid data records for residential property sales, excluding properties listed by type as ‘other’, between August 2020 and July 2021.
    

Notes

●        Warwick Estates was founded in 2007, and acquired by Aldridge in 2017 with the ambition to grow and strengthen the business. 

●        The goal of growth is one that unites the Aldridge family today across the diverse range of commercial and philanthropic activities in which it operates.

●        Over 40,000 properties are managed for freeholders, asset funds, housebuilders and housing associations – a combined value of over £9bn. 

●        Annual revenues exceed £10million

●        Warwick Estates is run by a newly strengthened management team of industry heavy-weights with decades of combined industry experience – chaired by Adrian Ringrose, former CEO of Interserve

●        Current head-count [Sep 282021] is 186 staff at seven office locations throughout England 

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