Jan
22

London Home Presales Slump to Four-Year Low as Supply Jumps

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  • Number of unsold units under construction hits record high
  • Sales fell 22 percent in 2016 on sales tax, Brexit vote

Sales of London homes under construction last year dropped to the lowest level since 2012, leaving developers with a record number of unsold properties.

Purchases of homes currently being built fell 22 percent to 20,695 from a year earlier, according to a report by Molior London seen by Bloomberg. The number of unsold properties that are under construction surged 14 percent to 25,139 units in the period, the highest since the researcher began collating data in 2009, the report shows. A spokesman for Molior declined to comment…

London Home Presales Slump to Four-Year Low as Supply Jumps

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