London developers forced to cut prices to draw buyers

London

LONDON residential property developers have been forced to cut prices and offer incentives to attract buyers.

Selling and buying agents as well as independent valuers and surveyors confirmed an assessment by The Business Times last year that Central London apartment prices had peaked and begun to slide. In particular, growing numbers of developments are coming onstream and vendors are finding it difficult to achieve sales as prices are still at heady levels, according to James Wyatt, director of Parthenia Valuation, a valuing and data firm.