Housing glut slows luxury market in central London

 

London developers, we are hoping the May elections go your way, and the  mansion tax of 1% on any purchase over £2 million is not passed.  As it is, there is more supply than demand (a developer’s nightmare) in the super prime market in London.  In Mayfair alone, more than 460 new properties are in planning/coming to market, raising the inventory by over 10%, and this is at a time of a 5 year low for buying homes like these. Buyers are waiting to see how the election goes, and it has cast a chill over a very robust market.

 

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