{
  "id": 19457490,
  "title": "Prime property, slow sales: why London’s stock of empty high-end flats is piling up",
  "url": "https://urgent.news/2026/11/11/prime-property-slow-sales-why-londons-stock-of-empty-high-end-flats",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-11T06:00:30.000Z",
  "source": {
    "name": "Guardian Business",
    "slug": "guardian-business",
    "url": "https://www.theguardian.com/news/2026/nov/11/property-london-empty-high-end-flats-developers"
  },
  "original_language": "en",
  "account": "London's luxury housing market is facing a crisis as developers struggle to find buyers for their newly constructed high-end flats. The problem is exacerbated by rising construction costs, volatile borrowing rates, and a decrease in demand from wealthy buyers. In central London's prime zones, there are currently 1,400 unsold homes, a number that has tripled since 2016, according to market researcher Molior. In the past 12 months, only 1,600 homes started construction, a 75% decrease compared to a decade ago. This situation makes it increasingly difficult for developers to justify building these multimillion-pound properties, which generally remain out of reach for the average Londoner. The high-end property market has been hit hard by Brexit, the Covid pandemic, and higher property taxes. The sector is starting to crack, with notable developers such as London Richmond and Ardmore Construction going into administration. Marcus Dixon of JLL noted that uncertainty over taxation and buying and holding costs has deterred many potential buyers. The situation is particularly dire for flat prices, which have dropped by £2,000 since June 2016, despite a 20% increase in house prices over the same period.",
  "summary": "Homes in the West End, Mayfair and Marylebone are going unsold – and developers are counting the cost London has no shortage of luxury flats. There are ultra-modern blocks in the most upmarket neighbourhoods – including Chelsea, Kensington and Mayfair – that offer marble lobbies, concierge services and views across the city’s skyline. The problem for property developers is finding wealthy…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}