New homes in London:number of new-build starts drops to almost half pre-Brexit level as uncertainty bites

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Building started on almost 14,000 new flats and houses in the capital in the first nine months of the year.

Brexit uncertainty is still holding back private developers’ plans, with the number of new London homes down more than a fifth in the first nine months of the year. Work began on 13,843 flats and houses between January and September — 21 per cent fewer than the 17,604 total for the same period last year, according to latest figures from analysts Molior London. In 2015, the year before the EU referendum, work started on 25,470 homes in the first nine months, close to double the current rate of building.

This year’s fall was particularly marked in Zone 2 where there were just 1,868 starts, and in the suburbs.
In Zones 3 to 6 there were 9,533 starts, down 20 per cent on the same period last year.
The good news is that sales figures suggest buyers are returning to the market.
Across London in the third quarter of the year, private house sales by developers topped 5,000, for the first quarter since the start of 2018.
Savills and Dexters are among top London estate agents who can confirm this welcome surge in sales towards the end of this year. Chelsea Waterfront, the redevelopment of the former Lots Road Power Station, reports huge sales activity, with 50 per cent of buyers being British. Robin Gevell, senior marketing manager at the Hutchison Property scheme, said flats worth a total £250 million have been sold at the site, with almost four times as many deals struck since September as in the preceding nine months.

Mr Gevell said: “The Brexit cloud hanging over the market has meant that sales over the last two years have been slow. However, over the last three months the situation has changed completely and we’ve seen a big hike in sales at our Chelsea development. “More interestingly still, this isn’t just overseas investors taking advantage of the weak pound, but a variety of British buyers looking for a unique property with a renowned postcode.
“We anticipate sales to continue to flow as the industry gains its confidence back, and we’re looking forward to seeing the year out by welcoming residents into their new homes.”

Written by Homes and property.co.uk Source Homes and property.co.uk

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