Developers in London are finally cutting prices. And sales are rising.

Nearly 7,000 homes under construction sold in Q1, the most in three years

TRD NEW YORK /
Apr.April 19, 2018 09:45 AM

London

Take note, New York City developers: London home sales are going up following a decision by developers to lower asking prices for the first time in years.

The last time developers across the pond lowered asking prices was in 2010, according to Bloomberg. During the first quarter, about 6,900 homes under construction were sold, which is the most in three years. Institutional investors interested in rental properties bought about 30 percent of the homes.

Rising prices have made it harder to buy a home in London recently, leading more a rising number of residents to rent. However, property prices dropped in the city for the first time since 2009 in February, falling 1 percent from a year earlier.

There are currently 66,000 properties being built in London, and 44 percent of them remain unsold. It will take about 1.1 years to clear up the supply based on current sales rates.

In Manhattan, year-over-year sales fell by 24.6 percent in the first quarter of 2018, dropping to 2,180 for the largest annual decline in nine years, according to a new report from Douglas Elliman.

[Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
TRD Talks Live

Watch tonight: Turning to tech on TRD Talks Live

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”

Kuwait’s consul general in New York, Hamad Al-Hazeem and 50 United Nations Plaza (Credit: Google Maps)

Kuwait’s consul general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

arrow_forward_ios
Loading...