Friday, September 28, 2007
The boom is over: Chelsea just +0.1% m/m!!
Housing boom is definitely over, despite the vomiting positive spin in the press. Kensington & Chelsea did not see any price gain in August (+0.1%) followed by 3 London boroughs with NEGATIVE gains. Very low gains in the over-btl-developed Tower Hamlets. Growth comes from the boroughs where the BTLs are flocking (Camden, Lambeth, etc). But sales volumes are a wopping 15% down (-17% in London!) vs last year. And sales in the over £2m range are dropping!! YEAH!!