HOUSING completions in central London could reach 10,000 in 2015 for the first time in years thanks to a surge in construction activity, even as new housing starts and prices at the centre of the capital start to slow.
According to a report released today by property firm JLL, there are now 21,900 units under construction, having more than doubled in just two years and risen by 15 per cent during the first half of the year alone.
Although the number of completions in the first six months of the year was a lowly 2,900, JLL predicts that strong development activity in the market will lead to completions breaking the 10,000 mark next year.
JLL’s report also further laid bare the shift in focus to “outer core” locations, as prices in London’s more expensive postcodes come under pressure. Average prices in core locations including the West End and the City were up 4.4 per cent in first half of the year compared with 5.9 per cent in outer parts of the capital.
New house sales also followed this pattern, falling by 33 per cent in the period compared with the previous six months in core areas. In contrast sales rose by 31 per cent in outer core locations.