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London's Mayfair sees mansion glut

Oversupply of luxury property is fuelling a battle of marketing dollars as developers seek to lure the world's richest into buying in the enclave

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Mobile-phone billionaire John Caudwell plans to turn Audley Square car park into six houses, three penthouses and 21 luxury apartments.

London

AS housing crises in London go, it could be worse. Mayfair, the neighbourhood favoured by Middle East royalty and hedge fund managers, is facing a glut of multi-million-pound residences.

More than 440 new homes have already been approved in the enclave and now mobile-phone

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