Luxury homes unsold after a year shows glut in south London

London

INVESTORS betting on making a quick profit on luxury apartments in south London's Nine Elms district, Europe's largest project for prime new homes, are facing long waits for buyers.

Almost 30 per cent of new properties in the district have languished on the market for more than a year, according to real estate data provider Lonres, who didn't include sales by developers. That compares with 12 per cent in London's best districts.

High prices and an increase in sales tax are deterring international investors who bought half of all new homes in central London in 2013. …