Number of unsold new completed London homes hits record: MultiOr

A record number of newly completed homes in London have been reported as unsold, raising concerns among developers and investors about the city’s housing market. According to recent data, one-third of new London homes are currently deemed unsellable, reflecting a significant imbalance between supply and demand. This trend has been exacerbated by a surge in new housing completions across the UK, with quarterly reports indicating a steady increase in the number of permanent dwellings being built.

The Office for National Statistics (ONS) notes that while these figures provide a timely snapshot of housing supply, they do not capture the full scope of housing activity, as some projects are excluded from the dataset. Meanwhile, the Ministry for Housing, Communities and Local Government (MHCLG) continues to publish more comprehensive, albeit less frequent, annual reports on housing supply, which include conversions and other changes in use.

The growing stock of unsold properties in London highlights the need for a more balanced approach to housing development and underscores the challenges facing the sector in a rapidly evolving market.