Ghost towers: half of new-build luxury London flats fail to sell

www.theguardian.com

More than half of the 1,900 ultra-luxury flats in London failed to sell last year, there are an estimated 14,000 luxury flats on the market, and 420 more residential towers are under development. This is yet another example of how the market fails to effectively respond to housing needs. What's needed is truly affordable housing, but private developers prefer to build expensive luxury units.

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