Sales and pricing Sales
The last column of Table 5, “Sold during the year”, differs from the third column, “Sold by year end”, in that it only looks at units sold within a development during 2012, whereas the third column looks at the number of units sold in totality. For example, a 200-unit development which started
in 2009 could have sold the majority of its stock, say 146 units, in 2009, with sales of the remaining units occurring at equal rates from 2010-2012. The “Sold by year end” figure for 2012 would be 200 units. However, the “Sold
during the year” figure for 2012 would be only 16 units. If we want to know what the market did in 2012 it is the “Sold during the year” column that is going to tell us. For the whole of the capital the number of sales in units under construction or completed in 2012 was 8,874 units, 41% up on the previous year and the highest it has been post-Lehman. But, as we saw with construction starts in the previous chapter, this overview masks the real picture. To see what’s going on we have to look at Tables 6 and 7.
Table 5: Split of units sold v units unsold for all London units in construction pipeline 2009-2012 Developments of 10 units or more
Year
2009 2010 2011 2012
Units completed or under construction (% change)
24,312 (-30%) 22,995 (-5%) 27,203 (18%) 31,626 (16%)
Sold by year end (% change)
7,603 (-34 %) 7,480 (-1%) 8,581 (15%)
12,408 (45%)
Unsold by year end (% change)
16,709 (-27%) 15,515 (-7%) 18,622 (20%) 19,268 (3%)
Sold during the year (% change)
3,787 (-16%) 4,259 (12%) 6,315 (48%) 8,874 (41%)
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