Article claims Online portals are overstocked with resale properties in the prime London location

Wednesday 03 February 2016  / Ruth Montia

A Sunday Times article claims that Rightmove and Zoopla are “awash” with what it calls “the unofficial resales of flats in developments including Battersea Power Station and Nine Elms’ Embassy Gardens.”

The newspaper say the following three components have combined “to dampen the appetite of Asian investors, whose off-plan purchases were essential to bank-rolling big projects.”

  1. Increased stamp duty on most apartments priced over £937,000,
  2. Fears in international stock markets
  3. Strengthening of Sterling against the currencies of other countries

The article quotes Charlie Ellingworth from the buying agency Property Vision, saying that some new developments in the prime London locations are simply “buildings packed in cheek-by-jowl”.

He also suggests that some may have difficulty holding their value.