House prices in Greenwich borough fall five per cent
The average price of a home sold in Greenwich borough fell by five per cent on the same month a year ago according to new figures.
The fall was higher than the average London reduction which stood at 1.7 per cent – which was the biggest fall of any UK region.
Monthly falls in Greenwich were 3.8 per cent. Over the last year the average price fell around £26,000 from £508,126 to £482.566.
These figures include many homes sold some months ago and only recently placed on the Land Registry database, so the current impact of further increased interest rates and sharp increases in UK gilts this week are yet to feed through. They’re now above levels seen when Truss and Kwarteng were in power.
In the past week many mortgage lenders have pulled products at short notice with interest rate rises expected to increase as inflation in the UK remains high.
That’s all likely to place further downward pressure on house prices in months to come.
This is interesting, I checked the data and while Greenwich has gone down 5%, Lewisham prices are up 4.7%. Why do you think this is?
Less new build flats in the past decade in Lewisham which were sold at a premium perhaps which is then lost when resold? Greenwich tends to see more new build homes built each year than its neighbour.
Older houses making up a bigger part of the market in Lewisham?
Earlier I heard 6 per cent interest rates look likely which is the equivalent of 13 per cent during the early 90s crash. So many people overextended in the past 10 years so it will hit them hard and chickens coming home to roost after endless house price ramping by government for years rather than a solid, balanced economy.
It does surprise me a tad that elizabeth line hasn’t had much impact. Prices have of course increased near stations but no more – or at least not much – more than other parts of London in percentage terms.
Also a sign of the increasingly poor environment and public infrastructure compared to other boroughs. Over development massive with poor cheap designs, with no due thought for surroundings, protection of greenery, or increasing current green spaces leading to their overuse. More cars on roads from this overdevelopment feeding into roads not designed to cope. Filthy streets with street cleaning at its worst I’ve seen. No funding from developers, or upkeep of any improvements that are made with outside funds, like pocket parks. What happens to all the council tax added from all these new build towers?? The list goes on, resulting in fewer people wanting to live here and more decent people leaving. It really saddens me as a person born and raised here. World Heritage status will likely be next to go. And me before that with luck.
How is 6% equal to 13% Jim?
I read it too. I believe somehow related to spending power, wages, levels loaned, size of average mortgage and level of earnings. Around six per cent now would work out to equivalent of around 13 per cent back then.