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Pre-sales of London homes down by 27% in Q2

Terraced houses in the Kensington and Chelsea borough of London. Developers are focusing on the most expensive areas like these, which have spurred the average sale price of brand-new properties in London past £1,000 a square foot for the first time.


DEMAND for London homes under construction slumped by 27 per cent in the second quarter as high prices and a sale-tax increase damped demand.

Pre-sales in the UK capital fell to about 5,109 units from 7,046 in the same period last year, broker Chestertons said, citing data...