Thousands of new luxury apartments are appearing in central London in the city’s latest building boom — but some will now be less palatial than originally planned.
Developers are going back to their drawing boards to replace large homes with higher numbers of smaller, less expensive flats after increases in stamp duty sent the top of the market into decline.
The latest example is the New Scotland Yard site in Westminster, where the Abu Dhabi-backed developers are in talks with planners to increase the number of apartments and cut their size.
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