London’s new build market bounced back in the first half of the year, as there was a 16.5% increase in new homes selling in the capital year-on-year, Foxtons analysis shows.
First-time buyers accounted for 58.5% of these sales, compared to 25.4% of landlords and 16.1% of homemovers.
Joel Ellis-Duffy, new homes sales director at Foxtons, said: “The London property market has continued to show why it is a great long-term investment over the first six months of the year and the Foxtons new Homes team have made sure buyers, landlords and institutional investors have benefited from our expertise in navigating the market conditions.
“Looking forward, it’s reassuring to see that first-time buyers account for by far the largest proportion of our new homes activity and that a good proportion of homes are being sold off plan.
“It’s a positive indication for H2 that, now London buyers are benefitting from improvements to the mortgage market landscape, they are pushing on with their plans to purchase. We expect this trend to continue, particularly as the government recently stated its intention to ease lending criteria further to support buyers”
Some 72.6% of the purchases were to mortgage buyers, with 27.4% being to those with cash.
