London home prices start cooling amid construction boom
Steep falls unlikely as interest from overseas buyers supports market
Tue, Oct 07, 2014 - 5:50 AM
For sale: Construction workers at Clarges Mayfair, a luxury development by British Land Co in the Mayfair district of London, UK. Many developers are targeting overseas buyers at the luxury end of the market, where rising supply has already reduced the premium paid for new apartments over existing ones.
[LONDON] Twenty one cranes loom over the south bank of the River Thames from Battersea Power Station to the St George Wharf tower. Here, in the biggest concentration of residential projects in London, developers are steaming ahead just as prices are starting to fall.