By March 2026, London’s high‑end neighbourhoods were holding a backlog of more than 3,600 completed new‑build homes that remain unsold,while an additional 18,737 properties under construction are also idle, according to data from JLL.

53 Months of Unsold Stock in Central London’s Prime Areas

JLL’s latest figures reveal that the most expensive parts of central London are carrying an estimated 53 months’ worth of stock that is either completed or still under construction and unsold.. This staggering backlog sits on top of the city’s already tight housing supply, raising questions about affordability and market dynamics.

Service Charges, Taxes and Price Hurdles Keep Buyers at Bay

The report attributes the high vacancy rates to a combination of steep service charges,rising property taxes and prices that outstrip many potential buyers’ budgets. According to JLL, these financial pressures are the primary deterrents preventing buyers from taking possession of newly finished homes.

Who Is Buying the New‑Builds that Are Still on the Market?

While the data shows a large number of unsold units, it does not clarify who the prospective buyers are—or why they have not yet committed. The report notes that the unsold inventory is concentrated in the city’s most expensive districts, but it does not identify whether buyers are waiting for price reductions, seeking different locations, or facing financing hurdles.

What Happens When the Construction Queue Grows Longer?

With 18,737 properties still under construction and unsold, developers face mounting costs and potential cash‑flow challenges . The report does not detail how builders are managing these delays, nor does it explain whether the construction slowdown could ripple into broader economic impacts for the city’s real‑estate sector.

According to JLL, the unsold inventory trend is a stark reminder of the delicate balance between supply and demand in London’s luxury housing market.