The most recent figures from Hometrack reveal that London has fallen to number seven in its UK Cities House Price Index. Last month it registered at number four.
The statistics show that property prices have risen in London by 7.3%, but the capital still lags behind cities like Manchester and Bristol, the latter of which came in at number one with an increase of 9.6%.
Hometrack insight director Richard Donnell said that this latest index shows that the catalyst for rising house prices is migrating to more affordable cities where lower mortgage rates are not yet completely priced into housing.
However for those still looking to buy or invest in London, there are a number of exciting new build home sites for sale across the capital.
East City Point
This development in Canning Town, Newham, is located near the City of London and will be close to the Custom House Crossrail station when it opens. It offers an assortment of one, two, and three-bedroom flats that have an open plan style and private balconies or terraces. A regeneration scheme taking place in the area creates the ideal opportunity for homebuyers to take advantage of local affordability. Prices start at £320,000.
Luxury property developer Millgate is converting a Victorian-era mansion in Keston, Bromley into 13 upscale apartments located in a two-acre gated location less than 20 miles from central London. Aspiring homeowners can choose between one and two-bedroom flats with period architecture complemented by modern layouts. Water’s Edge will enjoy convenient transport links as well as shops, schools, parks, and golf courses. Prices start at £395,000.