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The London property market has been hit by the UK’s coronavirus lockdown, with all boroughs suffering a sharp decline in the number of new homes on the market.

Outer boroughs such as Hillingdon and Bromley have seen the steepest drop, with the number of new homes for sale falling 91 per cent since restrictions were implemented last month.

Merton and Redbridge both saw new listings decline 90 per per cent and Sutton suffered an 89 per cent drop.

The number of new homes on the market dropped across the whole of the capital. However inner London boroughs fared better than more far-flung areas.

The City of London and Westminster saw the number of new listings fall 67 per cent and 74 per cent respectively, according to research by property platform Get Agent.

The coronavirus lockdown had the least impact on the housing market in Greenwich, where new homes fell 29 per cent, followed by the 64 per cent drop seen in Tower Hamlets.

Across the UK, Woking suffered the biggest decline – of 94 per cent – and West Lancashire came out on top with a drop of 25.8 per cent.

“In some areas, such as Woking, the market has pretty much dropped off a cliff since the lockdown was implemented, whereas other areas have seen a decline but continue to register more robust levels of new listings,” said Get Agent chief executive Colby Short.

“This is certainly due to influences such as a high concentration of new-builds, with many developers having to keep selling due to the fact that they have money tied into developments and interest repayments to make.

“Many new build developers also have the benefit of selling empty properties which makes social distancing measures easier, while many new build buyers, particularly those from overseas are happier to transact based on a virtual viewing.”

London boroughs
BoroughChange
Hillingdon-91%
Bromley-91%
Redbridge-90%
Merton-90%
Sutton-89%
Bexley-88%
Harrow-87%
Richmond upon Thames-87%
Havering-87%
Barking and Dagenham-86%
Ealing-86%
Islington-85%
Enfield-85%
Croydon-85%
Wandsworth-84%
Barnet-84%
Hounslow-83%
Haringey-83%
Kensington and Chelsea-82%
Kingston upon Thames-82%
Lambeth-81%
Waltham Forest-81%
Southwark-80%
Lewisham-80%
Hackney-79%
Newham-78%
Camden-78%
Brent-77%
Hammersmith and Fulham-76%
Westminster-74%
City of London-67%
Tower Hamlets-64%
Greenwich-29%

By Jessica Clark

Source: City AM

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