Greenwich house prices continue falling fast
The latest month’s house price data covering London boroughs is out and shows sharp falls continue in Greenwich.
For the past few months drops have been in double digits, though this month it’s slightly less though still falling 8.6 per cent. The monthly fall alone was 1.6 per cent.
The average cost was down from £526,131 to £480,329. Over the summer prices fell 11.5 per cent annually in July while down 10.7 per cent in June.
A number of proposed residential developments with homes for sale have since become build to rent or student accommodation, such as the block shown above in Greenwich.
Tower Hamlets
Across London Tower Hamlets saw the largest annual fall at 14.3 per cent.
While monthly numbers can be volatile though Greenwich has seen large falls every month for a while now.
Reduced prices should help many people priced out of buying their own home in time, unless government launch more schemes to intervene and prop up prices. Labour have mentioned doing so. In time that merely makes housing less affordable for future generations.
Wage data today also means interest rates are likely to stay higher for longer, with current rates well into 2024. UK gilts are also on the up again in recent days which corresponds to higher borrowing and mortgage costs.
House prices are just getting too high for people to afford to buy on most salaries that’s even if they can afford the deposit. Hence the demand for rented properties.
Lower house prices may give some hope to buyers. So may have a silver lining so to speak.
I agree Graham, even rent is extortionate now. That coupled with the cost of living crisis makes it very hard for everyone. I am glad I bought when I did but realise others aren’t so fortunate.