House prices drop sharply again in Greenwich borough
The latest house price data from LSL was released today and once again show prices in Greenwich borough dropping by some of the largest amounts in London.
Last month’s data saw a sharp 2.6% monthly drop which has increased to 3.6% in the latest figures. Annual reductions are 8.5%.
New build flats are believed to be a big factor in falls.
Lewisham saw a monthly drop of 1.4% and an annual reduction of 6.6%.
What is interesting is these falls would have occurred before Crossrail’s delay was announced.
So you may ask, what Crossrail effect? Similar happened with the DLR when it came to Woolwich in 2009. Estate agents and developers ramped up effects but the percentage gains were no greater than many other areas of London without a new line.
That’s not to say it won’t have an impact in time. Crossrail offers far more than the DLR.
Top of the chart
LSL are one of the more comprehensive measures out there. The Land Registry are the most thorough data set but they have quite a lag. LSL are good at picking up trends.
Prices for the most expensive boroughs are notoriously erratic, as prices can be vast and numbers sold extremely low in places like the City of London.
A couple of sales in the City at £20 million a home can skew figures for the entire capital.