More luxury houses coming up in London

[LONDON] Luxury home developers plan to build more than 20,000 properties in London over the next decade, ramping up construction despite slowing price gains, consulting firm EC Harris said.

The 10-year pipeline stood at 15,000 homes a year earlier, EC Harris said in a statement. There's been a 55 per cent increase in the number of homes planned in the luxury market's lower end, mainly on the edges of neighbourhoods such as Mayfair and Knightsbridge.

South Asian buyers account for two-thirds of new London homes sold before completion, according to Land Securities Group, the largest UK real estate investment trust. There's a risk that those investors will grow weary of repeated sales exhibitions promoting London property, Mark Farmer, head of residential at EC Harris, said in the report.