A luxury flat in this Nine Elms development failed to sell even after its price had been slashed from its 2013 level
In further signs that the luxury housing market in London is starting to sag, it has emerged a sub-penthouse in the Nine Elms development has failed to attract a buyer willing to take it for its 2013 price-tag.
An advertisement on property portal OnTheMarket.com showed an investor in one of the phases in the Nine Elms project is selling an 11th floor flat for less than the original purchase price.
Read more: Value of Nine Elms development downgraded due to fall in house prices
The advert suggests the investor paid £1,175,000 in 2013. According to property analysts Propcision, the price was cut to £940,000 in mid-June.
The vendor denies that the price was listed below £1m, but confirms it is now listed for £1,100,000. The advert for the two-bedroom apartment reads: "Urgent sale – asking now LOWER than the original price of 2013 which was £1,175,000. Due completion – NOW."
Read more: Data reveals developers are relisting same homes at Nine Elms
Berkeley Group, the developer that built the flat, has been approached for comment.
The Nine Elms development has been facing problems over the prices of its flats – a property company involved in the project, St Modwen, has downgraded the value of its portion of the site, due to house prices in the area falling by 3.75 per cent.