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50% of residential units in London now sold pre-completion

The 20 fastest selling schemes in the capital over the last year include developments across a wide range of values. They start at Academy Central in Barking, which averages £260 per square foot, and goes up to Fitzroy Place, which is selling for an average of £1850 per square foot. Fitzroy Place generated £290million last year as 175 apartments sold in just eight months.
Mark Collins, Head of Residential at CBRE, said: "Although there is a wide range of price points in London’s fastest selling developments, they do have some factors in common. These schemes are all substantial in size, each with more than one hundred units for sale.

"Nearly all have benefited from sales from overseas buyers, as South East Asia continues to play a key role on the early stages of release. This is essential to give large developments a boost from the outset. With a substantial volume of units to sell over a long period of time, it is important to establish confidence in the scheme from the beginning. This trend is encouraging given the number of large – and indeed strategic – sites coming forward, which can help unlock housing delivery on scale in the capital.

"Interestingly, a number of the fastest selling schemes have reserved a good proportion of units for the rental market, or sold in bulk to investors for this reason, indicating the growing strength of London’s rental market. Half of the schemes are waterfront, positioned by the Thames or a canal, showing how powerful the appetite for riverside living is.

"Prime developments usually sell at slower rates than lower value schemes. However, 2012 saw rapid sales in high value units, as developments like Fitzroy Place at an average of £1850 per square foot, NEO Bankside and Riverlight all proving extremely popular with UK and overseas buyers alike. The volume of sales above £1000 per square foot increased 240% over the last year, partly as result of more high-end products being delivered in good locations."

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