{"id":33508,"date":"2016-11-08T22:32:16","date_gmt":"2016-11-08T15:32:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=33508"},"modified":"2016-11-08T19:56:56","modified_gmt":"2016-11-08T12:56:56","slug":"new-central-london-homes-fail-to-find-buyers-as-luxury-market-slumps","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-central-london-homes-fail-to-find-buyers-as-luxury-market-slumps\/","title":{"rendered":"New central London homes fail to find buyers as luxury market slumps"},"content":{"rendered":"


\nThe number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers’ bets on rising demand for luxury properties will go sour.Homes being built without a buyer secured will reach 10,829, a 24 per cent rise from the end of last year, according to a report by Molior London seen by Bloomberg. That is the highest figure since the researcher started collating the data in 2009. The number of completed unsold homes will jump to 779 from 285, the data shows. A spokesman for Molior declined to comment.”Over time, the number of units started should be equal to the number of units sold,” according to the report. “Inner London home starts have been, and still are, too high.”Developers have started construction on more new homes than they have sold each year since 2012, according to the report, resulting in a glut that could cause prices to fall. The market has been grinding to a halt as concerns about the economy following the Brexit vote and rising property taxes deter buyers.The average asking price for new homes in central London is more than \u00c2\u00a31,000 a square foot. It will take more than 2.3 years to sell the homes under construction based on the current sales rate, according to the report. That compares with 1.25 years at the end of 2015.Westminster has the most expensive new homes at \u00c2\u00a32,074 a square foot, followed by the City of London at \u00c2\u00a31,603 and Kensington and Chelsea at \u00c2\u00a31,451, the data shows.”A glut of inappropriate residential stock has been bubbling for some time now across prime central London,” said Faisal Durrani, head of research at broker Cluttons. “An unfortunate combination of domestic and global events has accelerated a market-wide slowdown that has been under way for almost 18 months now.”Luxury home prices have been dropping across the market. Values in Chelsea and Knightsbridge fell 9.9 per cent and 5.6 per cent respectively in the year through October, according to broker Knight Frank. To the north of Hyde Park they were 8.2 per cent lower.* Bloombergbusiness@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…New central London homes fail to find buyers as luxury market slumps<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of unsold central-London homes under construction will reach a record high this year,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-33508","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8Is","jetpack-related-posts":[{"id":26149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-sellers-get-message-and-rush-to-slash-prices\/","url_meta":{"origin":33508,"position":0},"title":"Luxury London home sellers get message and rush to slash prices","date":"September 14, 2016","format":false,"excerpt":"\r Sellers of luxury homes in London are lowering asking prices as the effects of the Brexit vote, political uncertainty and high taxes sink in amid sliding demand.The number of owners cutting prices for prime homes in the capital jumped 75 per cent in the 10 weeks following the June\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","url_meta":{"origin":33508,"position":1},"title":"London's top boroughs see prices plummet most in five years","date":"November 16, 2016","format":false,"excerpt":"\r Land values in central London's best districts fell 10.3 per cent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall.Banks are less willing to lend for site acquisitions and construction, fuelling the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8928,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline\/","url_meta":{"origin":33508,"position":2},"title":"It\u2019s crunch time for SG developers before the buyer\u2019s stamp deadline","date":"March 23, 2016","format":false,"excerpt":"\r Developers are confident that they can dispose their unsold units in time Alex Residences in Redhill has 173 unsold units Some developers in Singapore are optimistic they can sell all the remaining units in their private residential projects before the stipulated deadline, even if they don\u2019t offer huge discounts,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114670,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-number-of-unsold-invetories-give-buyers-the-upper-hand-cbre\/","url_meta":{"origin":33508,"position":3},"title":"Rising number of unsold invetories give buyers the upper hand: CBRE","date":"March 3, 2020","format":false,"excerpt":"\r The increasing number of unsold units coupled with the COVID-19 outbreak will see buyers having the upper hand.\u00a0\u00a0 Buyers in Singapore are seen to have the upper hand in the private residential market this year due to the rising number of unsold inventories, reported The Straits Times. Around 40\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78355,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/half-of-unsold-new-build-luxury-flats-may-turn-london-into-city-of-posh-ghost-towers\/","url_meta":{"origin":33508,"position":4},"title":"Half of unsold new-build luxury flats may turn London into city of posh ghost towers","date":"January 29, 2018","format":false,"excerpt":"\r More than half of the 1,900 ultra-luxury flats built in London last year failed to sell, raising fears that the capital will be left with dozens of \u201cposh ghost towers\u201d. The swanky flats, complete with private gyms, swimming pools and cinema rooms, are lying empty as hundreds of thousands\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94267,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-homes-are-being-sold-in-bulk-as-demand-drops\/","url_meta":{"origin":33508,"position":5},"title":"Luxury London homes are being sold in bulk as demand drops","date":"July 20, 2018","format":false,"excerpt":"\r London\u2019s luxury developers are selling off homes in bulk to corporate landlords after a drop in demand for expensive new-build homes among individual buyers, the Financial Times reports.\u00a0\u00a0\r \r Source : cnbc.com\r Read more...Luxury London homes are being sold in bulk as demand drops","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33508"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=33508"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33508\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=33508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=33508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=33508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}