The total number of unsold resi units under construction in London has reportedly risen to the highest level on record.
According to Molior data seen by Bloomberg, 27,000 new homes – either currently being built or already completed – are yet to find a buyer, up from 25,000 in Q4 2016.
Molior hasn’t officially published the figures yet, but apparently that’s the highest total seen since the data resource started keeping track in 2009. Going by the current rate of under construction sales – which has fallen y-o-y by 7.8% to 5,470 – that backlog will take 1.2 years to clear, the report added.
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