The Central London Development sales market remains slower than developers would like, but prices have remained firm for the past year. Importantly, sales activity picked up strongly during Q1 2018. Some developers are delaying launches, but most are continuing with existing plans. Help to Buy is providing a significant boost to the market below £600,000. Development activity has been slowing over the past three years but is also showing signs of stabilisation.
The volume of construction activity is high by historic standards but, with planning applications slowing sharply, driven in part by the Mayor’s firmer stance on affordable housing provision, the medium-term supply pipeline is less certain.
Central London Development – June 2018
Key highlights include:
• Help to Buy a key factor, with schemes below £600K in high demand.
• 46% of Build to Rent units under construction are in core markets - predominantely in more affordable Canary Wharf.
• New build sales increased during Q1 2018 compared with Q4 2017. The number jumped 31% to 2,450 units.
• Developers keen to continue building despite challenging sales environment.
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