Slowing salesBack in January Barratt reported the number of sales it completed in London had fallen more than 56 per cent in the six months to the end of December, to 367 from 842 the year before. The company said it had lowered prices and was offering bulk deals, like today's, to shift homes in the capital. However, last month the housebuilder reported an 8.8 per cent rise in pre-tax profits during the period, partly thanks to the fact completions outside the capital were at their highest level in nine years.
London house pricesMeanwhile, figures published by Hometrack suggested house prices in the capital grew just 6.4 per cent in January, the lowest growth in four years.
At the time Richard Donnell, insight director at Hometrack, said: "When you consider that house prices in London are 85 per cent higher than they were in 2009, it is not surprising that the pace of increases is slowing toward a standstill as very high house price increases mean affordability is stretched."