New Build Developments very popular in City of London
David Spittles in Homes and Property reports – A Survey by industry analyst Molior has revealed our appetite for a new homes in the capital remains undiminished despite the fragile UK economy and turmoil in the eurozone.
Today in London there are just 639 complete new homes for sale. This compares with 900 homes during the bull market of 2001 to 2006 and almost 2,000 homes during December 2010.
This scarcity is driving prices up, and in some areas — Westminster/Victoria — new homes are fetching 50 per cent plus more on a pounds-per-square foot basis than similar size resale properties.
Tim Craine of Molior comments “Nobody we speak to can completely understand what is driving these new homes prices — even the sales agents are scratching their heads wondering what is going on,”
This demand is, of course, giving builders the confidence to build in small niche areas and bring forward plots and buildings that have been neglected for a generation or more.
The result is a wider range of schemes — from boutique to big — giving buyers more housing choice. But buyers have to be quick off the mark.Posted on the 16th May, 2012
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