Transactions crash across London for new homes sales – but rise elsewhere

Transactions in prime central London have fallen for secondhand stock – but have crashed for new-builds.

According to investment firm London Central Portfolio, in the capital’s prime postcodes annual transactions in September fell by 8.3%.

The total figure for transactions in the 12 months to the end of September was 3,274, which LCP says is the lowest number ever recorded, despite a monthly uptick of 3.5%.

Prices of existing stock are down 1.8% on an annual basis at an average of just under £1.8m.

By contrast, new-build prices in prime central London are up 21.3%, but the annual volume of sales is just 278 – a decrease of 61.4%.

Across Greater London, the new-build premium is less, but is still around £100,000.

While the annual volume of sales in secondhand properties is down 4.3%, for new-builds the figure is down almost 25%.

Across England and Wales, excluding Greater London, last month’s figures show annual sales volumes in line with last year, while new-build sales are up 4%.

Sales prices of new builds are up 5.4% annually, compared with 1.7% for existing stock.

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