Sales of new-build homes rose by a remarkable 214% in the last full quarter when compared to the same period in 2008, according to Knight Frank’s "London Residential Development 2010 review".
This growth is considerably higher than the average increase of 68% for the entire London property market (ie - including resales).
Liam Bailey, head of residential research, Knight Frank, said: "The central issue in the new-build market is not an overhang of heavily discounted units, but a lack of available supply. The current supply of stock available to buy is down by 20% compared with Q1 2009. The number of built-complete new homes available for sale across London hit an all time low at just 975 in total in the third quarter of 2009.



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