Luxury London property market wanes

The Malaysian consortium behind the redevelopment of Battersea Power Station had planned to build more than 3,800 apartments on the site. But after selling 1,460 flats, weak demand for luxury London property has forced it to consider changing one million sq ft of the remaining space into offices. This shift points to a problem in London’s high-end  market – people just aren’t as keen on luxury property as they were a year ago.

Prices for prime London properties fell by 5.8% in 2016, despite the weaker pound, which was expected to [...]

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