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A 2,000 sq ft three-bedroom flat on the 40th floor of Pan Peninsula Square has resold for £950,000, down £450,000 — roughly 33% — on its 2019 price of £1.4m, according to PropertyWire. The apartment, which comes with built-in furniture, allocated parking and 24-hour concierge, has now lost 55% of its off-plan peak value of £2.1m set 15 years ago. Buying agent Henry Pryor warned that “London flats are experiencing declining demand, with warnings about market conditions evident since January.” Analysts attribute the slide to post-Grenfell cladding remediation costs, escalating service charges, ground-rent disputes and higher borrowing costs, alongside a structural shift in buyer preference away from high-rise leasehold stock. The sale is being treated as emblematic of broader weakness in Canary Wharf's residential market rather than an isolated case. |
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PropertyWire (31/03/2026) |