40 per cent of new build homes in Westminster sold to buy-to-let investors

Last year saw 40 per cent of new build homes in Westminster sold to buy-to-let investors, while 52 per cent went the way of buy-to-let investors in Kensington and Chelsea, according to research by specialist fund and asset managers London Central Portfolio.

Last year in London 46 per cent of all new build accommodation built was bought up by the buy-to-let market.

Research by London Central Portfolio shows that £1.2 billion in new build accommodation has been sold in the capital so far this year.

The sales mirror data from the 2011 census which shows 50 per cent of all privately owned units in central London are let out.

LCP notes that whilst the number of new units available to buy in central London is tiny – there have only been 77 new build sales this year – it is a different story elsewhere in inner London.

In Wandsworth there are 14,306 units in the pipeline. Meanwhile, between them Tower Hamlets and Southwark have 33,646 units in their development pipeline.

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