Sales of new homes in the UK capital have risen by 214 per cent on figures from this time last year, according to a new report.
Developer Knight Frank's London Residential Development 2010 review found that the figures for new-build homes far exceeded the average increase of 68 per cent across the rest of the London property market.
Knight Frank also said that the balance between owner-investors and owner-occupiers had shifted, with an ensuing impact on the kinds of properties favoured.
Owner-occupiers are much more likely to pay attention to the layout and the specification of a new home, than those wanting to buy as an investment, according to the developer.
Liam Bailey, the head of residential research at the company, said: "Factors such as interest rates remaining low, the weak pound stimulating international interest and government supported schemes targeting the new build sector and
first time buyers in particular have all contributed to this strengthening market."
See Also: Property News (6711)
Date Published: 11 March 2010
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