House sales dropped in 85% of London boroughs

House sales dropped in 85% of London boroughs last year, according to new data, as the UK’s property market experiences a tumultuous year marred by political uncertainty. In boroughs where sales fell, the average decline was 7.6% as a weighted average, with Tower Hamlets experiencing the worst fall at 22.5%. According to the analysis by smart homes provider Project Etopia, only five boroughs in the capital experienced a rise in transactions, with an average growth of 6.8%. “Falling transaction levels in a city like London, where affordability is a critical problem, is a sign of a sick housing market that refuses to adjust,” said Joseph Daniels, chief executive of Project Etopia.

City AM (11/01/2019)