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SUMMARY
Yes. Nine Elms flats are finally repricing, and the adjustment is visible in completed resales, repeated price cuts and individual owners accepting flat or negative nominal returns.
The cleanest resale measure puts existing Nine Elms flats at roughly £829 per sq ft over the latest 12 months with usable data. That is about 5% below the late-2023 level and 6% below the 2018 nominal high, with several recent periods clustering in the low £800s.
The much bigger tension is between seller expectations and completed transactions. Current flats with known floor areas ask a median of roughly £1,072 per sq ft, almost 30% above the recent existing-flat sold level, although differences in the stock mix mean that gap cannot be read as 30% future downside.
Sellers are starting to respond. Price reductions are appearing across Riverlight, Embassy Gardens, Keybridge and other developments, while around 49 listings were recently recorded as reduced within 30 days in a market with more than 800 homes advertised.
Repeat sales show why purchase timing matters so much. Some early Battersea Power Station buyers still sit on substantial gains, but later purchasers are increasingly selling for roughly what they paid or accepting small nominal losses before transaction costs and inflation are considered.
Battersea Power Station is separating itself from generic Nine Elms stock. The restored Power Station, Underground station, shops, restaurants, offices and public realm give the best apartments a genuine destination premium, although that premium does not protect every unit from weak resale economics.
Rents remain strong even while sale prices soften. That is not contradictory: tenants respond mainly to the quality and location of the apartment, while buyers also have to absorb mortgage rates, transaction taxes, service charges and the risk that the asset itself does not appreciate.
Service charges are becoming part of the valuation rather than a footnote. Charges approaching £8,000, £9,000 or more a year can materially reduce the amount buyers are willing to pay for an otherwise ordinary one-bedroom or two-bedroom flat.
Nine Elms is still expensive compared with London overall. Existing flats are selling at roughly a 35% premium to the London flat benchmark, while asking prices imply an even larger premium, so the neighbourhood has repriced without becoming conventionally cheap.
The next stage is likely to be uneven. Interchangeable investor flats with weak views, high service charges and several competing units for sale could plausibly fall another 5%–15%, while scarce river-facing homes and the strongest Battersea Power Station properties can behave very differently.
The clearest buying opportunities are appearing where completed older flats trade around £750–£850 per sq ft and a motivated seller is pricing against actual transactions rather than old developer launch prices. Nine Elms has moved from selling a regeneration story to forcing each individual apartment to justify its resale value.
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Are Nine Elms flats actually getting cheaper now?
Yes. Nine Elms flats are finally getting cheaper on the resale market, and the latest numbers make the repricing hard to dismiss.
The cleanest measure we found combines HM Land Registry transactions with EPC floor areas and excludes new builds. Existing Nine Elms flats sold for a median £829 per sq ft over the latest 12 months with usable data. The same series reached £875 at the end of 2023 and £883 at its 2018 high. That puts resale values roughly 5% below the recent peak and 6% below the old nominal high.
The direction has also been remarkably consistent lately. The rolling figure moved from £850 per sq ft in mid-2025 to £825 later that year, £821 in early 2026 and £826 in the latest complete quarterly window. We are looking at several consecutive periods around the low £800s rather than one strange month.
The wider market is adding pressure too. Official UK House Price Index data show Wandsworth prices down 5.2% year on year, with flats down 5.7%. London flats fell 4.7%, considerably worse than terraced houses, which were almost flat.
There is an even bigger correction hiding behind inflation. Someone who paid the equivalent of £883 per sq ft in 2018 has received essentially no nominal appreciation and has lost heavily in real purchasing-power terms.
| Measure | Earlier level | Latest level | Approximate change |
|---|---|---|---|
| Nine Elms resale flats, 2018 peak | £883/sq ft | £826/sq ft | -6% |
| Nine Elms resale flats, late 2023 | £875/sq ft | £826/sq ft | -6% |
| Wandsworth flats | — | — | -5.7% YoY |
| London flats | — | — | -4.7% YoY |
| Wandsworth all homes | — | — | -5.2% YoY |
Why is it so hard to tell whether Nine Elms flats have repriced?
Nine Elms price data are unusually messy because new luxury completions, ordinary resales and wildly different buildings all get mixed into the same neighbourhood averages.
A simple sold-price average can therefore produce nonsense. A month with several £2 million Thames-facing completions can make Nine Elms look stronger even while owners of ordinary one-bedroom flats are accepting discounts. Another period dominated by smaller resales can make prices appear to collapse.
The difference between new and existing flats is especially important here. One Thames City is still completing apartments from below £1 million to several million pounds, while an older Riverlight one-bedroom is currently being marketed around £520,000. Treating those transactions as one homogeneous housing market tells us very little.
We therefore put much more weight on existing-flat prices per square foot, repeat sales inside individual developments and the gap between asking and achieved values. Those three measures now point in broadly the same direction.
This is also why claims of a sudden 30% or 40% Nine Elms crash should make readers suspicious. Some headline averages have moved by that much because the mix of properties sold changed. The underlying resale adjustment looks slower and much more believable.
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How far are Nine Elms asking prices from what buyers actually pay?
Nine Elms sellers are currently asking far more than recent resale buyers have been willing to pay, with a gap close to 30% on a per-square-foot basis.
Across more than 700 current flat listings with known floor areas, the median asking price is about £1,072 per sq ft. The latest median for completed existing-flat transactions is £829. That leaves £243 per sq ft between the two, equivalent to a 29.3% premium over the sold level.
We should be careful with the comparison because the properties are not identical. Current listings contain more premium stock, and many sellers will eventually achieve less than asking. Even with those caveats, 29% is far too large to ignore.
Put it into pounds and the tension becomes obvious. A 750 sq ft flat valued at £829 per sq ft comes out around £622,000. Asking £1,072 per sq ft puts the same floor area around £804,000. The difference is approximately £182,000.
This gap helps explain why Nine Elms can look expensive online while the resale market underneath is already correcting. Buyers search through the asking prices. Owners discover the real market when they try to complete a sale.
| Nine Elms flat measure | Current level |
|---|---|
| Median asking price | £1,072/sq ft |
| Median existing-flat sold price | £829/sq ft |
| Difference | £243/sq ft |
| Asking premium over sold level | 29.3% |
| Difference on a 750 sq ft flat | ~£182,000 |
Are Nine Elms sellers actually cutting their prices now?
Yes. Price reductions are becoming a normal feature of the Nine Elms resale market rather than an occasional sign of one desperate seller.
Current portal data show reductions across Riverlight, Embassy Gardens, Keybridge and other developments. A two-bedroom Riverlight apartment at £800,000 was reduced again in late summer. A two-bedroom in Embassy Gardens was cut to £775,000 shortly afterward. Several one-bedroom Riverlight listings have been reduced into the £520,000–£525,000 range, while Embassy Gardens studios and one-bedroom units have also received cuts this year.
An area-wide tracker currently counts 49 Nine Elms listings reduced in the past 30 days, roughly 6% of the stock advertised. It also counts 851 homes for sale, which gives buyers plenty of alternatives when an owner refuses to negotiate.
Time on market reinforces the point. Properties leaving the market recently had typically been advertised for about 98 days in the available tracking data. That figure includes some withdrawals as well as agreed sales, so it is not an exact selling time. Still, three months of exposure alongside repeated reductions is very different from a market where buyers routinely accept the first asking price.
The change is pretty simple once sellers can see competing reductions inside their own building. When a neighbour cuts a comparable two-bedroom from £850,000 to £800,000, maintaining £900,000 becomes much harder.
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Are Nine Elms owners now selling below what they paid?
Yes, and repeat sales increasingly show owners accepting small nominal losses or years of zero capital growth.
Battersea Power Station gives us some useful examples because individual units can be followed through Land Registry records. One Switch House West apartment that changed hands for £776,000 in 2021 later sold for £750,000. A Wilshire House property previously recorded around £1.149 million sold for roughly £1.13 million. One Scott House apartment returned to the same £725,000 price it had achieved years earlier.
Those losses look modest until we include everything that happened between purchase and resale. Stamp duty, service charges, mortgage interest, legal costs and selling fees turn a flat nominal result into a much weaker investment. Inflation makes the real loss larger again.
Early buyers can look completely different. We found Fladgate House apartments that moved from roughly £494,000 to £650,000 and from £450,000 to £660,000. A Faraday House unit bought around £657,000 later sold around £920,000.
Purchase timing has therefore become crucial. Some early-phase Battersea buyers still have a large cushion. Buyers who entered later at already mature luxury prices have far less room to negotiate without crystallising a loss.
| Battersea Power Station repeat sale | Earlier price | Later price | Nominal result |
|---|---|---|---|
| Switch House West example | £776,000 | £750,000 | -3% |
| Wilshire House example | £1,149,200 | £1,130,000 | -2% |
| Scott House example | £725,000 | £725,000 | 0% |
| Fladgate House example | £493,760 | £650,000 | +32% |
| Fladgate House example | £450,000 | £660,000 | +47% |
| Faraday House example | £656,690 | £920,000 | +40% |
Is Battersea Power Station holding up better than ordinary Nine Elms flats?
Yes. Battersea Power Station is holding up better than generic Nine Elms stock, although buyers are still forcing some owners to accept disappointing resale prices.
The reason is fairly obvious when we walk around the area today. Battersea Power Station has become a destination in its own right, with the restored building, restaurants, shops, cinemas, riverside public space, Apple offices and the Underground station. That gives the residential buildings something harder to copy than another concierge desk or residents' gym.
The repeat-sale evidence supports that distinction. Some early Circus West and Power Station buyers have retained substantial gains, while others who purchased later are selling flat or slightly below their previous price. Outcomes are all over the place rather than moving together.
Location inside the development matters as well. A Switch House flat inside the historic Power Station, an apartment overlooking the chimneys and an ordinary unit facing another block can carry very different resale appeal even when their floor areas look similar.
We would be wary of using a general Nine Elms £/sq ft figure to value Battersea Power Station mechanically. Buyers are already separating the best addresses from the interchangeable ones.
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Is Embassy Gardens finally repricing too?
Yes. Embassy Gardens is clearly negotiating with today's resale market now, especially among studios, one-bedrooms and ordinary two-bedroom units.
Current listings make the shift easy to see. A two-bedroom apartment in Ambassador Building has recently been reduced to £775,000. A one-bedroom in Chancery Building has been cut to £525,000. Capital Building studio stock has appeared around £530,000 after reductions, while Legacy Building units around £550,000 have also been cut.
The interesting part is the amount of internal competition. A buyer considering one Embassy Gardens apartment can usually find several others with similar floor areas, balconies, concierge access and the same headline amenities. The Sky Pool remains memorable, but it does not make every unit scarce.
That pushes sellers toward much more ordinary resale behaviour. Floor, orientation, view, exact layout and annual service charge start determining the price instead of the Embassy Gardens name alone.
The development can still command more than weaker Nine Elms buildings. But lately that premium has had to survive direct comparison with dozens of alternative flats rather than being established by an off-plan sales brochure.
Is all the new luxury stock keeping older Nine Elms flats under pressure?
Yes. Nine Elms resales still have to compete with brand-new towers, and that is making it harder for older flats to regain their original developer premiums.
One Thames City shows the scale of the difference. Recent Land Registry completions there range from below £1 million to more than £4 million, depending on unit size and position. River Park Tower is also selling new apartments at prices far above ordinary resales, with examples well above £1,500 per sq ft.
Older stock then sits only a few minutes away. Riverlight one-bedrooms currently appear around £520,000–£525,000, while two-bedroom units can be found around £775,000–£800,000. Buyers can compare a six- or ten-year-old apartment against something fresh out of the developer's sales suite.
New developers can also offer a presentation that private sellers cannot reproduce: untouched interiors, staged show flats, international marketing networks and sometimes transaction incentives.
That creates a wide price ladder across a very small geographical area. A buyer can move from an older resale around the high hundreds of pounds per square foot to new luxury stock at twice that level without leaving Nine Elms.
| Nine Elms segment | Indicative current pricing |
|---|---|
| Existing-flat median sold price | ~£829/sq ft |
| Existing flat median asking price | ~£1,072/sq ft |
| Riverlight 1-bed asking examples | ~£520k–£525k |
| Embassy Gardens 2-bed example | £775k |
| Premium new Nine Elms stock | Often £1,500+/sq ft |
| One Thames City completions | Below £1m to £4m+ |
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Did the Northern line extension fail to lift Nine Elms flat prices?
The Northern line made Nine Elms much better connected, but buyers had already paid for much of that improvement before the stations opened.
Nine Elms and Battersea Power Station gained Underground stations in 2021. That solved one of the area's most obvious weaknesses and turned large parts of the regeneration zone into genuine Zone 1 Tube locations.
Yet resale prices per square foot remain below their 2018 and 2023 highs. That sounds surprising until we look at how Nine Elms flats were originally sold. Developers spent years marketing the future Northern line, the US Embassy, the completed Power Station and the wider regeneration. Buyers were paying for those improvements long before they could use them.
Infrastructure can produce spectacular property gains when it arrives unexpectedly or when the market seriously underestimates its effect. In Nine Elms, the Northern line was part of the investment pitch from the start.
The neighbourhood is clearly easier to live in today. Capital values simply have to answer a tougher question: how much of that improvement was already inside the price?
Why are Nine Elms flat prices falling while rents keep rising?
Nine Elms rents remain strong because tenants still want these apartments, while buyers have become much more sensitive to financing costs, service charges and the price of the underlying asset.
Official data show the split clearly. Wandsworth private rents are currently up 3.9% year on year, and rents for flats are up about 4%. At the same time, Wandsworth flat prices have fallen 5.7%.
Nine Elms listings sit well above the borough average because these are newer luxury properties. One-bedroom apartments in Riverlight can rent around the high £2,000s per month, while Embassy Gardens and Battersea Power Station often move into the £3,000s.
Take a flat bought for £600,000 and rented for £3,000 a month. £36,000 of annual rent produces a 6% gross yield. Remove £7,000 of service charge and the return falls below 5% before management, repairs, vacancy, tax and financing.
Raise the purchase price to £750,000 while keeping the same £3,000 rent and the gross yield is only 4.8% before any costs.
A tenant deciding whether £3,000 a month is worth paying can still say yes. An investor deciding whether to commit £600,000–£750,000 of capital has a much harder calculation.
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Are Nine Elms service charges starting to drag down resale values?
Yes. Nine Elms service charges are now large enough to influence what buyers will pay, particularly for smaller investment-style flats.
Several luxury developments make the scale visible. River Park Tower has advertised service charges around £9.49 per sq ft. On a 960 sq ft apartment, that is roughly £9,100 a year. Damac Tower marketing has shown figures close to £12 per sq ft, putting a 640 sq ft flat around £7,700 annually.
At Battersea Power Station, we also found smaller apartments with annual charges above £7,000. An owner can therefore spend close to £600 every month on the building before paying the mortgage, council tax or anything inside the flat.
Those charges buy real things: swimming pools, gyms, spas, cinemas, landscaped areas, security teams and round-the-clock concierge services. Buyers still have to decide how much those amenities are worth every year.
The maths becomes uncomfortable on an ordinary one-bedroom. An extra £5,000 of service charge each year means £50,000 over ten years before inflation. Buyers who expect to resell eventually have started pricing that burden more aggressively.
Have mortgages and taxes finally broken the old Nine Elms investment maths?
Yes. Today's financing and transaction costs make expensive Nine Elms flats much harder to justify than they were during the cheap-money years.
The Bank of England's latest available data put the effective rate on newly drawn mortgages at 4.45%. The equivalent rate on the existing mortgage stock is still lower at 3.97%, which means part of the refinancing pressure has yet to work fully through existing owners.
On an £800,000 loan, 2% interest represents £16,000 a year before principal repayment. At 4.45%, it is £35,600. That is almost £20,000 more every year.
Nine Elms then adds another layer because many flats carry substantial service charges. A highly leveraged buyer can face several thousand pounds a month of financing plus £600–£1,000 of monthly building costs.
Investment buyers also face heavy stamp duty. Under current bands, buying a £1 million additional property creates roughly £93,750 of SDLT. A non-UK resident paying the additional surcharge can reach approximately £113,750.
Those costs change behaviour at the margin. A foreign investor does not have to abandon London entirely for Nine Elms prices to weaken. Enough buyers simply need to demand a lower purchase price before accepting the financing, service-charge and tax burden.
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Is Nine Elms cheap now compared with the rest of London?
No. Even after the repricing, Nine Elms flats remain expensive by London standards.
Existing Nine Elms flats sell for roughly £829 per sq ft, compared with about £614 per sq ft for London flats in the same matched dataset. That leaves Nine Elms approximately 35% above the London flat benchmark.
Current asking prices stretch the gap further. Nine Elms flats ask a median £1,072 per sq ft, compared with roughly £706 across London.
The more interesting question is how much the premium varies inside the neighbourhood. At one end, older resales can fall into the £700s or £800s per sq ft. At the other, high-floor new-build apartments with strong views can exceed £1,500 and sometimes approach £2,000.
Nine Elms has started behaving more like an established neighbourhood with a price hierarchy. Building quality, view, layout and service charge can now move a property's value by hundreds of pounds per square foot.
| Measure | Nine Elms | London | Nine Elms premium |
|---|---|---|---|
| Existing flat sold £/sq ft | £829 | £614 | ~35% |
| Flat asking £/sq ft | £1,072 | £706 | ~52% |
| Median asking price, all Nine Elms homes | £830,000 | £575,000 | ~44% |
| Typical Nine Elms 2-bed asking price | £900,000 | £500,000 London-wide | ~80% |
Which Nine Elms flats are most likely to fall further?
Ordinary investor flats with high service charges and several near-identical neighbours for sale still look the most exposed in Nine Elms.
One-bedroom apartments are an obvious place to look. If five similar units are available in the same development, every price cut becomes a new comparable for the next negotiation. Owners have very little control over that process.
Weak views matter more now too. A high-floor Thames-facing apartment can attract someone who genuinely wants that specific home. A low-floor flat staring into another tower has to compete mainly on price.
Service charges can magnify the difference. Buyers may tolerate £10,000 a year on an exceptional home. The same charge becomes much harder to swallow on a small apartment with an ordinary layout and no scarcity value.
Purchase history matters as well. Someone who bought early in Riverlight or Battersea Power Station may still have enough equity to accept a discount. A later buyer who entered close to the peak can spend months defending an asking price because selling at today's level would crystallise a loss.
That is where we expect more repricing: flats whose original price depended heavily on the prestige of buying new and whose resale appeal now has to stand on its own.
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Could Nine Elms flats still fall another 10%?
Yes. Another 5%–15% fall looks plausible for overpriced or weaker Nine Elms resales, even though the evidence does not point to a 30% neighbourhood-wide collapse from today's transaction levels.
There is still plenty of pressure. Resale flats remain below previous peaks. Asking prices sit far above achieved prices. Wandsworth flats are currently falling faster than London overall. Mortgage costs remain high, service charges bite and new-build supply continues to give buyers alternatives.
Nine Elms also has several things working in its favour. The neighbourhood is mostly built, the Tube is operating, rents remain strong and Battersea Power Station has become one of London's busiest new mixed-use destinations. Those factors help support the flats that people genuinely want to own.
We therefore expect the next adjustment to be uneven. A seller asking £800,000 for a flat that recent comparables support at £700,000 may eventually concede most of that gap. A rare apartment with a strong river view can behave very differently.
The enormous distance between asking and sold £/sq ft is the main reason we think price discovery has further to run. The whole 29% gap should not be interpreted as future downside because the stock mix differs. Even closing a fraction of it would produce meaningful reductions.
Are any Nine Elms flats starting to look like good buys?
Yes. Some completed Nine Elms flats are becoming interesting when sellers price them against actual resales rather than nearby new-build launches.
Older developments are where the maths can change fastest. A well-laid-out resale around £750–£850 per sq ft can sit hundreds of pounds below a new apartment a few minutes away while offering the same Tube line, riverside location and broadly similar neighbourhood amenities.
Riverlight deserves a closer look when one-bedroom prices reach the low £500,000s, particularly if the unit has a useful view and sensible annual costs. Embassy Gardens becomes more interesting when resales move far enough below the original luxury premium to produce a credible rental yield. Battersea Power Station can justify paying more because the address itself now carries genuine value, although the repeat-sale evidence shows that buyers still need to negotiate.
We would focus heavily on transactions inside the same building. Nine Elms is too fragmented for an area average to tell us whether a specific £750,000 flat is cheap.
The strongest opportunities today are likely to appear when an owner needs to sell and the comparable evidence is already below the price they hoped to achieve.
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Are Nine Elms flats finally repricing?
Yes. Nine Elms flats are finally repricing, and the correction is now visible in completed resales, repeat transactions and seller behaviour rather than only in inflation-adjusted calculations.
The strongest evidence is the resale series. Existing flats are trading around £829 per sq ft after reaching £875 in late 2023 and £883 at the old peak. Several consecutive periods have stayed around the low £800s. Sellers are also reducing units across Riverlight and Embassy Gardens, while individual repeat sales show that flat or slightly negative nominal outcomes are no longer unusual.
As we saw previously, current asking prices remain roughly 29% above recent achieved values per square foot. The adjustment therefore still looks unfinished, although differences in property mix mean the full gap should never be interpreted as expected price falls.
Nine Elms today is also a much better place than it was when many of these flats were first marketed. The Northern line works, Battersea Power Station is busy, the public realm is mature and rents continue to rise. Buyers can now see exactly what they are purchasing, which makes them much less willing to pay a speculative regeneration premium.
Our judgment is clear: Nine Elms has entered a genuine resale reset. Better Battersea Power Station homes and genuinely scarce apartments can hold up well, while interchangeable investor units still have further to adjust. The days when an owner could simply carry an old developer price into the resale market are fading fast.
The repricing has started. It has not finished.
OUR METHODOLOGY
Nine Elms is a market where the headline answer is unusually easy to get wrong. New-build completions, ordinary resales, seller expectations, rents, financing costs and individual developments can all tell different stories at the same time. Rather than rely on one average or a handful of listings, we broke the question — are Nine Elms flats finally repricing? — into narrower parts and tested them separately.
For resale pricing, we combined HM Land Registry transactions with EPC floor-area data so that flats could be compared on a £/sq ft basis. We separated existing flats from new-build transactions when measuring the secondary market and used rolling periods rather than individual months because transaction volumes and the mix of homes sold can move sharply in a neighbourhood dominated by large apartment developments.
Completed transactions were the main evidence for achieved values. Current asking prices and reductions were used to understand seller expectations, competition and the stage of price discovery. Repeat transactions inside individual developments helped distinguish genuine changes in value from movements caused simply by different types of flats selling.
Where buyers appeared to treat individual developments differently, we analysed them separately rather than forcing every Nine Elms flat into one neighbourhood average. That was particularly important for Battersea Power Station, Embassy Gardens, Riverlight and newer premium stock such as One Thames City and River Park Tower.
We then tested those property-level observations against wider conditions that can explain the repricing: Wandsworth and London house-price movements, rental trends, mortgage costs, Stamp Duty Land Tax, service charges, new-build competition, the Northern line extension and the maturation of the wider regeneration area.
The conclusion comes from the convergence of these signals. We did not turn the analysis into a mechanical score or assume that the gap between asking and achieved prices translates directly into equivalent future falls. Instead, we looked at where independent measures were pointing in the same direction, where they were not, and which types of flats each measure actually applied to.
Key sources include HM Land Registry Price Paid Data, HM Land Registry's Price Paid Data methodology, HM Land Registry's address-level sold-price search, the UK Government EPC database, ONS housing-price and private-rent data for Wandsworth, Bank of England mortgage-rate data, HMRC residential SDLT rates, HMRC guidance on additional-property SDLT, and HMRC guidance on the non-UK-resident surcharge.
For transport, regeneration and development context, we used Transport for London on the opening of the Northern line extension, TfL's first-year usage evidence, Wandsworth Council's Nine Elms regeneration overview, and the Greater London Authority's Vauxhall, Nine Elms and Battersea Opportunity Area material.
Development-specific context came from Battersea Power Station residential information, its retail and leisure directory, Apple's confirmation of Battersea Power Station as its UK headquarters, Battersea Power Station's heritage and restoration material, SOM's One Thames City project information, and River Park Tower's first-party project and location information.
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