Thousands of half-built homes abandoned in London

Thousands of homes under construction have been left abandoned at stalled "ghost housing developments" across London due to the sudden downturn in the property market. Construction work at 61 house-building sites with at least 20 homes to be completed had been halted, leaving over 6,000 half-built homes. This number of schemes on hold is unprecedented, with only 10 schemes put on hold during the financial crisis in 2008 and 2009. Developers blame a "perfect storm" of setbacks, including interest rate spikes, contractor collapses, soaring costs, and new safety regulations. The figures reveal devastating falls in starts, completions, and sales in the London private housebuilding sector in 2023. 

Evening Standard (30/01/2024)