Number of finished but unsold houses of London grows with record pace

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Number of finished but unsold houses of London grows with record pace

November 20, 2018 - 08:52
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Number of finished but unsold houses of London grew this year by almost a half, Bloomberg reports. And all these due to uncertainty around Brexit and homes affordability issues that influence UK’s housing market.

London, UK | © Steen Jepsen, CC0 1.0

Number of finished but unsold houses of London grew this year by almost a half, Bloomberg reports. And all these due to uncertainty around Brexit and homes affordability issues that influence UK’s housing market.

As of September end, number of unsold units reached 2374, while it was 1595 units by the end of 2017. Wandsworth region, which borders with River of Thames, is leading among other areas of London.

Experts assume that part of these unsold houses was built in a wrong place, at wrong time and at price that many potential buyers are not ready to pay today.

It shall be noted that residential real estate sales in London fell along with high prices. Uncertainty about the country’s economy and tax rises make buyers behave more cautiously. Besides, may still cannot afford own house. Today average Londoner needs 14,5 annual wages to purchase a house. This is the highest multiplier in history.