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City workers dump £1m apartments on market
Ellen Widdup15 Dec 2008
CITY workers worried about losing their jobs are rushing to sell their Canary Wharf flats, according to new housing figures.
Rightmove has noted a 12.4 per cent rise in the number of properties for sale in the borough of Tower Hamlets, home to Canary Wharf and the Docklands. The number of properties for sale for between £750,000 and £1 million has doubled in the past month.
Experts from the website said that the levels were "unseasonably" high and suggested that sellers were being forced to sell higher-value homes, slashing prices for a quick sale. Miles Shipside, commercial director of Rightmove, said: "Such an influx of properties in a higher value band in no way suggests a price recovery, merely a degree of distress among those seeking a higher asking price. Those employed in the financial services sector have been especially hard hit by employment uncertainty and job losses, and a natural casualty is their homes."
He forecast that 2009 would be "the year of the property deal", with a growing number of bargains on offer as those in financial difficulty try to sell.
Mr Shipside said: "Sadly, the best buys will be at the expense of personal distress, but to the gain of the cash rich."
Reader views (5)
Its will get worse.. Propery price is always lagging behind other more liquid markets.. all are govern by the law of demand and supply no exception.
Because th egoverment let property price go out of control in the past,. you will pay dearly for it now..
UK will be the first of western society to go bankrupt..
- Paul, Manchester, 16/12/2008 05:09
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Ever notice how RICH your taxpayer supported govt. employees are?
- Trunk, US, 16/12/2008 04:52
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"Tower Hamlets is a hole - who in their right mind would spend £1m on flat there in the first place??? the mind boggles."
Yes, they may have been paid a fortune for playing monopoly with other people's money, but none of them has the brains to be a teacher or even a retail operative.
- Keith Price, Luton, England, 15/12/2008 19:17
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Agree with Stuart, who in their right mind would want to buy any of these overpriced future slums ?
....now what to do with the London Gateway ?????
- Cap, london, 15/12/2008 17:11
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Tower Hamlets is a hole - who in their right mind would spend £1m on flat there in the first place??? the mind boggles.
- Stuart, london, 15/12/2008 14:29
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