As sales slow and sentiment sours, developers are sitting tight on finished stock rather than slashing prices, and specialist lenders are backing them.
When the cranes come down and the apartments are complete, the hardest part of a development can be just beginning.
Buyers have been sidelined by policy uncertainty and rising interest rates, and selling out takes longer than it used to. Increasingly, the residual stock loan is what buys developers time and avoids a fire sale.
