Murky Depths

News in London and beyond

Greenwich borough

House prices resume falls in Greenwich borough

New figures show house prices in Greenwich borough resumed falls last month after a brief stabilisation the month before. It resumes trends dating back around a year now. The average Greenwich house price is down £27,000 on last year.

Yesterday’s news that Crossrail is now delayed possibly until 2021 will add to pressures in the borough. Much of the falls have centred around new builds.

What’s interesting is that January and February have the lowest number of new build sales in the year which affects data considerably. The state of the underlying existing home market is more noticeable in these early months of the year, and then when new build sales come on stream figures can change. That may see falls pick up in Greenwich again as they did last summer and autumn. This is November 2018:

In other news, the UK’s largest estate agency group Countrywide with numerous sub-brands across the region such as Mann and Bairstowe Eves continue to have severe problems with the share price down 98.9% since 2014. Countrywide saw shares suspended in recent days and are now down to a low of 7p a share. Other groups like Foxtons are also struggling.

It’s unlikely you’ll see this news in much of the local media who are heavily reliant on property ads for survival. Indeed some have axed reporters to the bone yet managed to retain property advertising staff.

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