London new home sales down as prices fall

Pressured prices: A woman holds a child in front of the Canary Wharf skyline in London. The proportion of new homes sold in advance in London dropped to 44% last year, tumbling from a peak of 71% in 2016. — Reuters

LONDON: London homes used to fly off the shelves even before they were built. Now the city has lost its crown as the hub for off-plan deals as investors hunt for richer returns outside the capital.

The proportion of new homes sold in advance in London dropped to 44% last year, tumbling from a peak of 71% in 2016, according to a report from broker Hamptons International.