Soaring land values worsen London's housing shortage
Housing plots in city now cost 27% more than their pre-crash peak in 2007: report
[LONDON] Land prices are soaring in central London, making it more difficult for developers to supply homes that residents can afford and reducing Mayor Boris Johnson's chances of alleviating the city's housing shortage.
Values jumped 25.8 per cent in the year through March, compared with a 13.1 per cent gain in the city's most desirable neighbourhoods, broker Savills plc said in a report yesterday.
Housing plots in the capital now cost 27 per cent more than their pre-crash peak in 2007, according to the report.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Hybrid, flexible working set to curb Singapore office usage and rents
Australia home prices sustain growth in April, CoreLogic says
New York City’s rent-stabilised tenants face third year of price hikes
New Zealand house prices dip for first time in 8 months
Blackstone in talks to buy Dulwich schools in Singapore, Seoul for US$600 million
Strained Chinese cities struggle to pay home-buying subsidies