SmartNewHomes

London's property market continues to be in demand as off-plan flats 'sell out'.

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  • The housing market - particularly in London - is slowing, according to latest figures. But you’d be forgiven for thinking quite the opposite if the sale of a River Thames development in the capital is anything to go by.

    For the transformation of the Greenwich Penuinsula, next to the O2, has seen the first release of flats almost sold out. And they have not even been built.

    Nine flats remain unsold out of the original 192 that were put on the market less than two months ago in September.

    All have been sold off-plan with the flats being completed by either the autumn (Parkside) or early 2017 (The Lighterman) depending on which development buyers have bought in.

    A total of 10,000 homes will eventually be built on the site, with a final completion date of 2030.

    The Help to Buy scheme is not available as buyers would need to be able to move in within six months, but typical deposits on exchange are currently 10 per cent.

    Prices for the nine remaining flats in the first phase start from £552,500 for a two bedroom property with a river view to a three bedroom family maisonette for £665,000.

    The interiors pay tribute to the area's industrial past, with the use of soft greys and polished nickel.

    Richard Margree, chief executive of Knight Dragon Developments, said: "The designers have drawn inspiration from historic Greenwich, with interiors that capture the quality and craftsmanship of the area."

    It comes despite growing evidence that the housing market is beginning to slow following a year of strong price growth.

    The Land Registry reported a 0.2 per cent slide in house prices during September, while Nationwide Building Society said the annual rate of growth slowed for the second month in a row in October.

     

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