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Credit crunch puts more luxury apartments on market

PUBLISHED: 18:11 02 January 2009 | UPDATED: 13:55 05 October 2010

THE number of luxury homes up for grabs in and around London’s Canary Wharf business district and the Thames waterfront has jumped sharply in the past month. The effects of City job losses among affluent Docklands’ middle management class, especially in banking and finance, has come to light in a survey of property sales

THE number of luxury homes up for grabs in and around London’s Canary Wharf business district and the Thames waterfront has jumped sharply in the past month.

The effects of City job losses among affluent Docklands’ middle management class, especially in banking and finance, has come to light in a survey of property sales.

A12-and-a-half per cent rise in the number of homes on the market was recorded in December, researchers revealed this week.

Crucially, the number of properties valued between £750,000 and £1 million which are now on sale has doubled in the four-week period.

“Those in the financial services sector have been especially hard hit by employment uncertainty or job losses,” said Miles Shipside, commercial director at Rightmove property website. “A natural casualty is their homes.

“City workers and investors often own smart apartments near Canary Wharf. More of these coming onto the property market explains the jump in average values.”

Such an increase in properties for sale will mean the length of time it takes to complete a sale increases as well.

Homeowners may be forced to lower their prices to make a timely sale, the researchers warn.

But many are turning to online’ vending to widen the net in a bid to protect’ their asking price.


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