Greenwich borough house prices falling; Tower Hamlets & Newham plummet
New house price data out today from one of the most reliable indexes around shows house prices in Greenwich borough continue to drop.
The volatile monthly index shows a 1.2 per cent fall in July compared to June, while annual drops were 1.9 per cent knocking almost £9,000 off the average price. Prices have been falling for some time now.
Lewisham saw an annual fall of 0.7% and Bexley a rise of 0.8%.
Boroughs with large numbers of new builds saw some large falls. Lambeth is down 16.2 per cent on the year with Newham and Tower Hamlets down 10.8 per cent.
Large reductions in prices that have seen some certain developments grind to a halt. At Greenwich Peninsula, Knight Dragon have not commenced with new blocks for a couple of years and once they finish towers beside the cable car have nothing in the immediate pipeline.
What some developers are instead doing is moving to build-to-rent, though as a post yesterday showed, prices are often beyond the reach of many and far above local averages. If many people cannot afford to buy at elevated prices, they’ll also struggle to pay rents being asked in new build-to-rent blocks.
