Open for Business
Londoners look increasingly ready to sell again.
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In 2015, the capital was plagued by a shortage of homes for sale but the tide looks to be turning. There are now more homes on the market than at any other time in the last 18 months.
Within the inner London boroughs, the number of homes for sale has risen by 28 per cent in the last year. The increasing stock level has been most pronounced in the prime and central London boroughs. The boroughs of Kensington & Chelsea, Hackney, Hammersmith & Fulham and Islington have all seen their stock levels increase by over 30 per cent.
With a plethora of new developments, particularly in prime areas such as Nine Elms and King’s Cross, due to complete soon, even more stock should be coming onto the market in the near future. Price growth here has come under pressure in recent months from uncertainty in the global economy & the higher tax burden from the new stamp duty rates. The introduction of more homes could further slow price growth as buyers have stronger bargaining powers due to the wealth of choice available to them.
The Outer London boroughs, which have become more attractive as prices grew rapidly in central London in recent years, have also shown some signs of a recovery in stock levels. The number of homes available for sale here is 2 per cent higher than last year – the first increase in over a year.
The boroughs of Bromley, Ealing and Brent have seen the highest growth with the number of homes for sale increasing by over 15 per cent in the last year. However, in the relatively lower priced boroughs, stock still remains in short supply. Newham, Redbridge and Hounslow have seen their stock fall by more 10 per cent in the last year.
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