There’s a sizeable mountain of unsold new-build stock building up in London, according to some new figures coming out of Q3.
Bloomberg has had eyes on a Molior report counting 12,952 units either being built or now-completed that have yet to find buyers, up from 12,601 at the end of 2016.
That would be the biggest surplus since the data firm began counting in 2009, and could take around 1.3 years to clear at the current sales rate.
According to the report, the £1,000 to £1,499 per square foot price bracket is showing the biggest “disconnect” between starts and sales, but there’s also been a big rise in surplus starts in the £1,500+ psf range this year.
Despite a 24% year-on-year upsurge in sales of new and under-construction units during Q3, starts still look about a quarter up on sales.
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