17 Oct

Confidence in the City of London reaches new levels

This can be seen in the amount of residential development currently under way. Familiar developers such as Heron, Berkeley, Redrow, Barrett and Telford plus a host of smaller niche developers are busy with new sites, particularly evident in the Aldgate East area bordering the City of London boundary yet within easy walking distance of Lloyds of London and the Bank of England. There seems to be a “two tier market” emerging with the new build properties achieving a premium price from many Far East buyers who culturally are predisposed to purchase new and off plan. We have experienced a “knock-on” effect into the resale market with good properties selling quickly and at prices approximately 10% more than they would have sold for last year. However, the residential property market in the City and surrounding areas is a mature market and we would expect to see more stability in prices next year. We do not believe that the City will suffer the same problems as the Canary Wharf area has experienced in the past with over-supply and over ambitious pricing levels.

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