Developers scale back on London luxury

Construction of luxury flats in central London dropped by 25.4% last year, according to London Residential Research. The decline occurred in seven of the 11 inner London boroughs in the study, with a 62% fall in Southwark and 42% in Wandsworth and Westminster. In total, new-build starts in the inner boroughs fell by 3,810 units, and builders have delayed work on an additional 13,800 units. Naomi Heaton, the chief executive of LCP, said developers were scaling back after realising there was "a huge oversupply of over-commoditised new-build boxes" in the capital.

The Guardian (14/05/2018)