The Nine Elms’ borough of Southwark has experienced a boom in residential property prices over the past 12 months, but with concerns over a glut of new build homes in the area some experts believe that local property values are on a downward trajectory.
According to CBRE Research, Nine Elms’ borough of Southwark has experienced a 16% rise in home price growth in the last year alone. This figure is higher than London’s average property price growth prompting some commentators to forecast a drop in property prices in light of higher stamp duty costs, a weaker global economy, Brexit-related uncertainty and course an oversupply of new build homes in the area.
Leading investment bank Morgan Stanley claimed earlier this year that clouds were gathering over the capital’s property market and that areas like Nine Elms could see “a 10-20% fall in new-build, high-end residential pricing in 2016”.
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Nine Elms borough of Southwark?!?? What nonsense is this?? Southwark, one thing and it's own Borough - Nine elms - entirely different place.sloppy journalism, at best!
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