Aside from the overall lower level of confidence in the sales market generally, the new homes market was influenced by two factors. First, on the demand side the level of interest in the market from the Far East, which had significantly boosted demand from mid-2009, was reduced with a much lower rate of sales to overseas purchasers in the second half of 2010. Second, on the supply side the number of schemes and units underway has been significantly curtailed by the absence of bank lending to the residential development sector.

In terms of pricing levels, these two factors cancelled each other out and there was no change to new homes prices, but the rate of sales was significantly reduced. Major developments such as The Heron, Bezier and Frobisher Crescent experienced a much lower rate of sales in the second half compared to earlier in the year. Development launches which took place in the second half of 2010 give an indication of the state of the market for new homes across
Midtown, City and Docklands. In the City September 2010 saw the launch of The Tapestry Building, New Street, EC2, where Westlin Homes has converted a listed eighteenth century warehouse into 14 very spacious apartments, immediately east of Liverpool Street station. The building was originally part of the East India Company’s Cutler’s Gardens, where the majority of the complex was converted into the Devonshire Square office scheme in the early 1980s by
Greycoat, itself a ground-breaking development which helped to establish this part of the City as an acceptable office location.

Fibnd out best new homes in london, The Tapestry Building’s 14 apartments have retained many of the original features of the warehouse such as exposed timber beams and impressive cast-iron columns, while incorporating the best of contemporary design and finishes including comfort cooling, intelligent lighting and entertainment systems. Ranging in size from 1,325 to 2,708 sq ft for two-bed apartments and one 2,870 three-bed penthouse, prices start from £1.4 million averaging £1,100 per sq ft. By November two of the apartments had been reserved, but this was a reflection of the generally lower rate of sales market activity.