Three East End neighbourhoods close to the city’s central hotspots are soaring in price and popularity, as house prices in prime central London continue to fall — down 12.5 per cent since their mid-2014 peak and counting — neighbourhoods at its fringe continue to surge.
Fears of a major housing market slump were stoked on Thursday when the Nationwide said prices have fallen for the third month running. That is the first time there has been such a run of declines since 2009 and will add to concern among homeowners that their most valuable asset is set to plunge. First-time buyers who have recently bought could soon be in negative equity, owing more than the house is worth if the trend continues
Slowdown has taken place in ‘hollowed out’ expensive central markets. London has been cushioned from the prospects of a house price crash by the high levels of equity required to buy property in the capital and the difficulty of mortgage financing at high loan-to-value ratios for all but the biggest earners.
Gentrifying borough has seen 700% increase in average house price in 20 years. The rapidly gentrifying London borough of Hackney has seen steeper house price growth than any other area of the capital over the past 20 years, according to new research.
Number of homes under offer in Chelsea and Belgravia at highest since Brexit vote. House price cuts and the fall in the value of the pound are breathing life back into the prime London property market, with the number of homes under offer at its highest since before the EU referendum.
High-rise schemes called in as part of effort to address affordable housing shortage. The mayor of London has intervened in two high-rise housing projects in the suburbs after local authorities refused planning permission.
Housebuilder cuts prices and sells capital homes in bulk to offset falling demand. The UK’s largest housebuilder, Barratt Developments, has reported a drop in home completions in the second half of last year as it finished fewer properties in London where the property market is slowing.
Fourteen new rural developments part of a plan to build up to 200,000 housing units. Britain’s first wave of “garden villages” has been given the nod along with three more garden towns, in a move that aims to build up to 200,000 new homes.