Friday, May 25, 2007
More 'bear food', prices don't go down in London though eh?
Firstrung: London house prices to be hit by over supply Savills
The anticipated increase in supply could hit prices in some parts of London, according to research by Savills. Whilst a very limited supply of unsold new homes in inner London has pushed prices to new levels, Savills' London Residential Development Survey suggests that the anticipated increased supply levels, particularly in the East could have an effect on future values...
Posted by converted lurker @ 01:35 PM (318 views) Add Comment
3 Comments
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1. confused76 said...
"But the sheer scale and concentration of the extra supply means that the least successful schemes will be competing on price, putting pressure on development viability at a time of rising land prices, rising construction costs and higher developer contributions via Section 106 agreements. So the challenge for developers in these high supply markets is to create the sort of place, with the right mix and density of residential, commercial and leisure uses and public realm, to pull in high levels of demand from a range of occupiers so that demand is enhanced rather than deflated as the place matures"
Price pressure, why should that be bad news?
2. p. o. o. r said...
I have put several posts before about this - I live 25 to 30 miles west of London - back in January there were a total of 118 houses (not including flats) on the market with rightmove in the town I live in and the surrounding villages - this number has been increasing at a steady pace, however in the last week the number has increased by about 10% and now stands at 229 houses. This is a 94% increase on the amount of property for sale over a 4 month period.
I am expecting this number to double again before the end of the year - at which point I will start to believe that the market is being hit by over-supply.
There also seems to be a significant increase in the number of properties 'to let' however I have not kept track of these figures.
3. talking rot said...
P.o.o.r
I'm very interested in your observations. Please continue making them. Thanks.