London property market hit by uncertainty

London

THE London property market is beginning to sag from its heady heights early this year and developers have embarked on an intensive Asian marketing effort to boost sales.

James Wyatt, a director of Parthenia Valuation, an independent valuing and data firm, contends that London apartment and house prices "have softened in recent weeks".

A growing number of developer projects in central London, Docklands and south London are coming on stream, but local house-hunters are resisting excessive prices, he maintains.

Moreover, some 12,000 more units are in the pipeline from UK, Asian and other developers within the next two years, according to EC Harris, a consultant on new building.

At this stage, there is insufficient data available, but anecdotal reports indicate foreign buyers have also become wary, …