17 Oct

London sees drop in flat sales

London sees drop in flat sales

Flat sales in London have declined significantly, perhaps as buyers want for a drop-in price.

Research from estate agents James Pendleton found a 47 per cent decline in sales over the past 12 months, although prices of flats have increased by two per cent.

It was not just flats that saw a downturn in sale levels, with the number of detached properties being sold dropping by five per cent and an eight per cent reduction in terraced house transactions.

There are concerns that this reduction in property sales could because many first-time buyers are waiting for prices to be more affordable.

“This a classic sign that first time buyer demand is sensitive. There is a temptation to wait on the side lines while prices become more realistic. When that happens, it can only be a good thing, because housing markets are most stable when transactions are healthy across the board,’ said Lucy Pendleton, director of James Pendleton,

“A reality check is in the offing after such strong growth in London and the scale of this drop-in sales of flats tells me it is now more likely to be inevitable. Solid numbers of people are showing some reluctance at current prices and signalling to all the other market participants they can’t transact unless they come back down,” she added.ADNFCR-1222-ID-801841029-ADNFCR

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