London flats costing up to £1m outsell more affordable homes

3rd January 2016

London property developers last year sold more than twice as many two-bedroom apartments costing between £650,000 and £1m as cheaper homes priced at about £300,000, according to market data obtained by the Guardian.

The research gathered from more than 600 new housing projects in the London reveal a spike in the number of homes sold to the richest property buyers, despite the fact that many young people complain of being priced out of the housing market.

More than 5,300 homes valued at between £1,000 and £1,499 per sq ft – the equivalent of up to £1m for a two-bedroom flat – were expected to be sold in 2015, according to Molior London, a housing industry research consultancy. That compares with 2,000 properties sold at values of less than £400 per sq ft, such as a £320,000 two-bedroom flat.

Read the full article here.