Sales of new-build homes in London are dropping sharply, according to the latest figures from property consultancy Molior.
A total of 5,606 new homes have been sold in the first six months of this year compared to 8,840 in the same period last year, a drop of nearly 37 per cent. In 2022, some 20,380 were sold.
A record 4,629 newly completed homes remained unsold across the capital in the three months to June representing an estimated £3.5billion of housing stock, Molior calculated. It said this was the highest level it had ever seen.
Housebuilders are now scaling back on new projects and some are even stopping halfway through the build.
Molior says that 56 developments have now been halted in the capital with gates padlocked. They contain 3,913 partially built homes.
