16 August 2018

London's luxury new-build home sales plunge

19 September 17 - RE+D Magazine
London's luxury new-build home sales plunge


Solum Property Solutions

Consultant - GREECE

IBI Group

Consultant - GREECE


Public entity - GREECE


Consultant - GREECE


Antulio Richetta

Director IBI Group
The number of luxury new-build homes sold in London's most exclusive areas fell by 55% in the second quarter of this year, new analysis has shown according to cityAM.


After house prices at the top end of the capital's market fell more than a quarter over the past year, buyers are ditching new-builds in favour of so-called heritage properties which were previously out of their reach, the study of Land Registry data by the London Central Portfolio (LCP) showed.

House price growth in the capital has been cooling for several months now, with figures published showing prices fell 5.3% in August, causing average prices in the UK as a whole to fall 1.2%.

Kensington and Chelsea, one of the capital's most exclusive boroughs, was the biggest faller, with prices dropping 10.2%.

The figures also showed prospective landlords in the capital are being put off: the number of buy-to-let homes sold in the second quarter fell by a third, with their share of purchases falling from 85 per cent to 55 per cent in the last 12 months.


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