Home prices in Greenwich fall 6.2% & 11.7% in Southwark. Lewisham down 8.1%
Data out today has revealed that home prices in Greenwich have fallen by 6.2% on last year with a 2.2% fall over the last month.
Southwark saw a large 11.7% drop on the year, with Lewisham down 8.1% and Bexley 0.2%. Bromley was down 3.6%.
These figures come from LSL which include cash purchases as well as mortgages which explains the large numbers. Cash purchases make up 30-40% of transactions.
LSL have been one of the groups capturing the increasing impact of off-site purchases by buyers hoping to “flip on” new build properties for quick profit. Many of those buyers drive from Asia. Those easy wins have gone into reverse and many buyers cannot complete sales.
Berkeley Homes has already stated it will cut back building in London.
There can appear a wide divergence between various measures of house prices. The most thorough is the Land Registry which captures every single sale though has a long delay in obtaining full figures.
Rightmove is the least reliable as it only lists advertising prices and not sale prices.
Halifax and Nationwide only measure their respective mortgages.
LSL are one of the better measures given the wider scope of coverage which can indicate coming trends.
The full report can be seen here.