- In London, over 50% of the luxury condos (1 million+ Pounds) built last year failed to sell.
- Lingering Brexit uncertainty and stamp duty (property tax) hikes have put off many foreign buyers (purchase most new developments).
- Most native Londoners can’t afford the new developments.
- “58% of demand in London is for homes priced below £450/sq ft, but only 25% of homes being built are at this price”.
