A significant number of luxury flats in London's prime areas, including Mayfair and Marylebone, remain unsold, with 1,400 completed units reported empty as of September. This marks a threefold increase since 2016, as developers struggle to attract wealthy buyers amid rising construction costs and a decline in demand, particularly from overseas investors.
The high-end property market is experiencing a downturn, with major developers like British Land and Berkeley Group halting projects or withdrawing from the city. The average flat price has stagnated, and the construction sector is seeing job losses, highlighting the challenges facing this segment of the real estate market.