London new‑build home sales slump 37% as unsold stock hits record

Sales of newly built homes in London fell 37% in the first six months of the year, with 5,606 units sold compared with 8,840 in the same period last year. A record 4,629 completed homes remain unsold, representing an estimated £3.5 billion of housing stock. Property consultancy Molior reports that 56 developments have been halted, leaving 3,913 homes only partially built. The slowdown is driven by a collapse in buyer demand and sharply rising construction costs – a typical two‑bedroom flat now costs about £430,000, up 75% since 2016. About 33,000 private homes are currently under construction; 20,700 are slated for completion by the end of 2027, with forecasts of only 8,750 homes on site in January 2028. British owner‑occupiers bought just 3,220 new builds last year, and sales to them are projected to fall to 1,219 in the first half of 2026.