Glitzy South-London Homes Face Tough Resales as Values Fall
- Homes in SW8 postcode district had annual drop of 16% in March
- Buyers are prepared to pay a smaller premium, survey shows
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Investors who bought apartments on the south bank of London’s River Thames hoping to flip them for a quick profit face falling values and declining premiums for new homes.
An oversupply of new properties in districts stretching from Tower Bridge to Battersea Bridge produced some of the city’s biggest annual price declines in March. That included a 16 percent drop in the SW8 postcode area, containing the Nine Elms district and Battersea Power Station, according to preliminary data from the Land Registry. In contrast, values in neighboring SW9 -- encompassing Stockwell and parts of Brixton -- jumped 7 percent.