📉 London’s unsold completed homes hit record high

London’s stock of completed but unsold homes has reached a record high, underscoring a soft residential market in the capital even as financing activity improves elsewhere in the UK.

Bloomberg reported the milestone on 2026-07-14, citing Molior data that showed a growing backlog of finished units across London. The reading comes just days after Halifax data, reported by The Guardian, showed UK house prices rising for the first time since the start of the Iran war, highlighting a split between stabilising national pricing and weaker conditions in the capital.

Why it matters for investors

The record unsold stock suggests London developers may face longer absorption periods, increased carrying costs and stronger pressure to discount, particularly in segments exposed to mortgage-sensitive buyers. For institutional capital, the gap between headline national resilience and London’s inventory overhang points to a market where deal execution may matter more than broad pricing trends.

➡️ Completed inventory in London is now sitting at a record high.

➡️ UK-wide price stabilisation is not yet translating into equivalent demand in the capital.

The data implies that London residential pricing power remains constrained, even as parts of the wider UK market show signs of stabilisation.