Murky Depths

News in London and beyond

Greenwich borough

Greenwich house prices keep falling. Tower Hamlets plummets

Latest monthly house price data shows prices in Greenwich continuing to fall as the economy slows.

Prices were down two per cent last month and 0.2% on the year before. Lewisham saw a bigger fall of 2.2% on the month and 3.7% on the previous year.

Both measures are somewhat volatile and prone to distortion when new build “Help to Buy” properties are on the market – assuming they sell. Southwark’s annual figures are likely a result of this.

Tower Hamlets figures look particularly bad at almost 14 per cent down on the year. Lambeth at 17.2 per cent down is also pretty stark. Prime central London reductions have been seen for some time now.

Scrapped housing plan on Greenwich Peninsula from Knight Dragon.

Many Help to Buy properties are sold at a high premium to existing stock in the immediate area – and when it comes to sell some buyers could be in for hefty losses.

LSL use Land Registry figures which measure every property transaction in the UK and are thus one of the most reliable measures out there.

 

 

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