Murky Depths

News in London and beyond

Greenwich borough

House prices keep falling in Greenwich

New homes on Greenwich Peninsula

It’s that time of the month when one of the most up to date and reliable measures of house prices releases data – as data comes from the Land Registry.

In keeping with much of the past couple of years Greenwich borough is falling. This time by 1.2 per cent on last month and 2.7 per cent on a year before. This is less than double digit falls seen at times over the past year but does knock £12,000 off the average price in the borough.

New build flats hard hit by falls

Lewisham was stagnant with 0.0% monthly change and 0.1% annual increase. Bexley borough was up 0.4 & on the month but down 0.8% on the the same time last year reducing the average price by almost £3,000.

Across London there was a small growth compared to last year for the first time in a while – yet they do state:

“We have had to downgrade our previous average price for June, as new build sales did not prove to be as high as we had estimated. Consequently, July becomes the first time in eleven months that London has seen an increase in its annual rate – we wait to see if this is the beginning of a sustained recovery. Given that 21 of the 33 London boroughs still saw prices fall over the year, there must be a question mark over this.”

Greenwich new builds

The press release also gives an explanation as to how prices in the wealthiest boroughs are prone to fluctuation. Sales include a “£15 million detached home in Barnet close to Hampstead Heath; a £15.5 million terrace in Camden overlooking Regents Park; and a £7.1 million detached home in River Lane, Richmond, close to Ham House” 

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