The loss of Asian buyers is still having a negative impact on parts of London, as there’s a lack of demand for apartment living in towers, according to advice firm Property Vision.
The 50-storey Damac Tower development in Vauxhall – containing 360 new apartments – is said to be a good example.
Property Vision made the comments in its ‘Market Comment’ study for Autumn.
It wrote: “In the massed towers of Nine Elms… a perfect storm of rising building costs, Asian buyers stuck at home and a Chinese government bringing down the shutters on their citizens, is producing a glut of monotonous flats - with views only of their neighbours’ laundry and a long walk to a newspaper and a cup of coffee.
“This has been priced, in t
he past, at a premium to the surrounding area. What few buyers there are, are beginning to question why - a question that will become more acute as more new stock piles onto the market.
“The poster boy for this is the Damac Tower - decorated by Versace in what will be the best possible taste - overlooking three lanes of traffic and a dozen railway tracks opposite Vauxhall Station.
“Is this really prime London as the blurb claims? The next couple of years will provide an answer.”
However this situation is said to contrast with other areas of London, in particular the West End.
Property Vision dubbed areas like Holland Park and Nottingham Hill as sellers’ markets, with stock being in short supply.
