Over the last twelve months, leading developers have altered their schemes as sales of luxury London properties have began to collapse.
New research reveals that the top end of the London market has seen sales reduce by a huge 86%, with many blaming out of control prices and increased taxation.
The average price paid for prime London real estate has fallen from £22 million to £16 million, according to London Central Portfolio property group, who carried out the analysis.
Instead, developers are focusing on a more prominent end of the market…First time buyers.
Several newbuild schemes have been developed across the capital, with lower price tags. However, the average home in London now costs in excess of £600,000, meaning that young Londoners are finding it harder than ever to secure a place on the UK’s property ladder.
The super prime London is clearly suffering, with only five properties selling for more than £10 million in the three months to August 2016, yet we are still increasingly worried about firs time buyers being priced out.
That is why we develop buildings using permitted development rights, which allow us turn old offices and beautiful new apartments and studios.
Each apartment features designer fittings, but it’s our locations and communal areas which really set us apart from other London developers.
In addition, we’ve received a lot of press coverage because our London homes start at just £235,000. We also have help to buy in place, meaning a London home could be yours with just a 5% deposit.
To find out more, please contact our team on 0208 688 6552