Dec
3

"Flipped" properties increase in 2020

The 2020 lockdown saw a pause in house sales and a subsequent boost as homeowners looked to move to properties that suited the home-working lifestyle. Houses are now in higher demand compared to flats because more people are looking for larger properties. This has been no different for developers who have been actively purchasing properties to renovate and sell on quickly. Any property that goes through this process within 12 months is known as a "flipped" property. Land Registry and Hamptons International data project that by the end of the year, a record number of properties will have been flipped. The data suggests around 23,000 properties will fall into this category by year-end and, with developers purchasing more homes rather than flats to meet the change in demand, they have seen an average increase in profit of £10,000 per property. Hampton's head of research Aneisha Beveridge said “…. Flippers play an important role in the housing market by improving housing stock and taking on projects other buyers often won’t touch.” Read more in the article here.