New data reveals a significant shift in London’s housing market, with only 21% of new builds sold to British buyers between April and June. This marks a dramatic decline from 49% in the same period last year, as developers increasingly target housing associations and investment firms instead.
The trend is attributed to a combination of high property prices, rising construction costs, and a crackdown on buy-to-let investments. Developers are now opting to sell in bulk to corporations, which allows them to manage properties as build-to-rent blocks or affordable housing, rather than selling directly to individuals.
This shift not only affects the availability of homes for local buyers but also highlights a broader issue of housing affordability in London. With just 589 new homes purchased by British buyers during this period, the market is increasingly out of reach for many.
As the housing crisis deepens, the implications for young professionals and families are significant, potentially driving them to seek opportunities in other cities or countries where housing is more accessible. The long-term effects of this trend could reshape London’s demographic landscape and economic vitality.
Source: LBC News
