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‘Biggest drop in Tower Hamlets house sales’, analysis shows

PUBLISHED: 09:47 14 January 2019

The government has been forced to defend its right to buy scheme. Picture: Anthony Devlin/PA Archive

The government has been forced to defend its right to buy scheme. Picture: Anthony Devlin/PA Archive

PA Archive/PA Images

The borough has seen ‘the worst fall’ in house sales in the capital, figures have shown.

Tower Hamlets house sale transactions dropped by 23 per cent between January and August last year compared to the same period in 2017 according to preliminary Land Registry numbers crunched by pre-fab firm Project Etopia.

Croydon saw the next biggest drop at 15.5pc followed by Westminster at 14.5pc, according to the data.

Sales fell in 28 out of 33 London boroughs, according to the data with five seeing an increase in homes sold, a weighted average rise of just under 7pc.

Project Etopia boss, Joseph Daniels, said: “Falling transaction levels is a sign of a sick housing market.

“The picture in the capital is worse than the rest of the country and things will come to a head here sooner rather than later.”

He added that sellers should moderate their expectations and “a meaningful number” of new homes needed to be built.

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