New homes in Prime London have fallen in price by 11.5% in Q3, faster than their fall of 6.8% in the second quarter, says the latest report from Jones Lang LaSalle. This figure is twice the drop in mainstream property types in the UK as a whole, and indicates the extent of the problem for new build properties in the capital. London new homes prices have now fallen 19.1% year-on-year, a steeper fall than London itself which registered a fall of 9.4% over the same period.
* Luxury property for sale in London
‘The fallout from the global financial crisis and the impact this has had on the UK housing market, and on London’s financial sector in particular, are the main drivers behind the latest drop in London new home prices,’ says the report.
However, the main casualty across all housing markets is till a decline in activity, the study notes, which makes it difficult for vendors to gauge where prices have fallen to. A key factor is still sellers unwilling to drop their asking prices, particularly as few are forced sellers, which causes stand-offs with buyers who are determined to see price cuts.
-
Vertigo at Victoria Falls, a sunset surrounded by lions and swimming in the Nile: A journey from Cape Town to CairoWhy do we travel and who inspires us to do so? Chris Wallace went in search of answers on his own epic journey the length of Africa.
-
A gorgeous Scottish cottage with contemporary interiors on the bonny banks of the River TayCarnliath on the edge of Strathtay is a delightful family home set in sensational scenery.
