London: luxury apartments failing to sell

“More than half of the 1,900 ultra-luxury apartments built in London last year failed to sell, raising fears that the capital will be left with dozens of “posh ghost towers”.

The swanky flats, complete with private gyms, swimming pools and cinema rooms, are lying empty as hundreds of thousands of would-be first-time buyers struggle to find an affordable home.

The total number of unsold luxury new-build homes, which are rarely advertised at less than £1m, has now hit a record high of 3,000 units, as the rich overseas investors they were built for turn their backs on the UK due to Brexit uncertainty and the hike in stamp duty on second homes. …”

https://www.theguardian.com/business/2018/jan/26/ghost-towers-half-of-new-build-luxury-london-flats-fail-to-sell?CMP=Share_iOSApp_Other

One thought on “London: luxury apartments failing to sell

  1. Next time the government crows about how many more homes have been built, and how their development policies are working, just remember to deduct the empty properties like this which are unsuitable for the majority of home seekers from these numbers.

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