The latest research 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.”