London flats most likely to sell at a loss
Summary
The article reports that nearly four in ten London flats resold at a nominal loss after being held for five to ten years, the highest proportion in Great Britain. It also notes that flat values remain under pressure in parts of the market, with building safety, cladding and service charges cited as factors influencing buyer, seller and lender behaviour.
Why it matters
This is relevant to residential property surveyors because flat valuations and resale performance are being affected by building safety, tenure and service charge issues. Surveyors advising buyers, sellers and lenders may need to pay closer attention to these risk factors when assessing flats, particularly in London and the South East.
Key points
- Nearly 40% of London flats sold at a loss after 5-10 years of ownership.
- Around one-third of flats in the South East and East of England also sold below purchase price.
- e.surv says building safety, cladding and service charges have influenced flat-market decisions since around 2017.
- Great Britain house prices rose 1.5% annually to September, but monthly and quarterly growth softened.
- London is the only region reported to be in annual price decline.
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