London first-quarter home presales drop 33%

London

DEMAND for London homes under construction slumped by 33 per cent in the first quarter as a new tax on overseas buyers and high values damped demand.

The number of homes sold prior to completion in the UK capital fell to 5,947 from a record high of 8,927 a year earlier, according to data compiled by Molior London that was seen by Bloomberg News. Molior declined to comment.