There are some scary stories around about residential property prices in London “dropping 20-30%”. Some of it is true but so one needs to be much more specific. The biggest problem is Nine Elms where they’ve built 18,000 apartments (Yep!) 17 developers all charging into the area at the same time without any regard for overall market demand. This has been brought on by the greed of developers and a complete absence of any control by the local councils. So these particular horror stories are often right but they were predicted last autumn as an accident waiting to happen, 8 months before Brexit. So massive over-development built in a rush is going to have problems.

Chris Ingram 02/08/2016