House prices continue falling in Greenwich, Lewisham & Bexley boroughs

Latest figures show house prices continue to fall across Greenwich borough with annual declines of 2.2 per cent. Monthly falls were 2.1 per cent.

It should be noted these are preliminary figures with further detail available later in the month. Bexley borough also saw annual reductions of 2.2% with Lewisham down 2.6%.

Sales have been slow at Greenwich Peninsula with projects pulled

Average house prices have been falling for over a year now across Greenwich. The large number of new-builds (albeit below target) appears to have a dual affect.

Help to Buy tends to elevate sale prices above local averages which can affect figures, and when buyers of new-builds come to sell negative equity is possible due to overpaying – there being no market for paying over the going rate. That then drags down numbers.

Cladding work in Greenwich

Another issue is cladding issues which still rumble on at many sites.

Though clearly that’s not the only issue. A flat-lining economy, Brexit concerns and increasing taxes on landlords to benefit first time buyers are other factors. The next tranche of tax changes to landlords comes will occur in April 2020. Despite increased tax and regulation average rents fell last month.

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