Rise of 214% in London for New Built Houses
Sales of newly built houses in London rose by a staggering 214% in the final quarter of 2009 compared with the same period a year before, according to a new report.
Growth in the sector was considerably higher than the average increase of 68% for the entire London property market including re-sales, the Knight Frank London Residential Development 2010 review shows.
The head of residential research at Knight Frank said it was due to lack of supply as the number of new homes for sale across London hit an all time low of just 975 in the third quarter of the year. The current supply of stock available to buy is down by 20% compared with the first quarter of 2009.
Main Reason For this
A declining pound sterling in the past 18 months have attracted many foreign buyers to the market, mainly cash rich buyers from Europe, Malaysia,Singapore and Hong-Kong.
The Bank of England maintaining a low interest rate has enabled a lot of first time buyers to get on the market and the government has been introducing schemes to revive the whole industry.
Category: Property News
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
