London's Mayfair sees mansion glut

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 billionaire John Caudwell plans to turn a car park into six houses, three penthouses and 21 luxury apartments. That's enough to increase the area's housing stock by more than 10 per cent, the biggest increase among central-London districts.

"There's just too …