Prime property, slow sales: why London’s stock of empty high-end flats is piling up

Homes in the West End, Mayfair and Marylebone are going unsold – and developers are counting the cost

London has no shortage of luxury flats. There are ultra-modern blocks in the most upmarket neighbourhoods – including Chelsea, Kensington and Mayfair – that offer marble lobbies, concierge services and views across the city’s skyline.

The problem for property developers is finding wealthy residents to fill them, leaving brand-new properties in London’s most desirable postcodes standing empty.

In the capital’s zone 1 – which includes the City financial district, the West End and central areas such as Mayfair and Marylebone – there were 1,400 completed but unsold homes at the end of September, three times the number recorded in 2016, according to figures from the market researcher Molior.