New build sales are on the up

new_buildThe volume of new build sales saw a remarkable surge in the capital during the final quarter of 2009 compared to the same period in 2008, Knight Frank has revealed.

According to figures from the London Residential Development 2010 review, sales of such houses in Central London grew 214 per cent in the last three months of last year.

The statistics even overshadow the impressive 68 per cent rise in transactions throughout the entire London property market.

Commenting on the findings, Liam Bailey, head of residential research, said: “Factors such as interest rates remaining low, the weak pound stimulating international interest and government supported schemes targeting the new build sector and first time buyers in particular have all contributed to this strengthening market.”

However, he added that a major issue in the London new build market is a lack of available supply.

Knight Frank was formed in 1896 and today is a residential and commercial property estate agent.

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