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Thousands of unwanted newly built apartments are set to be dumped on the London market from next year as fed-up investors turn their backs on the capital, research warns today.

As many as 60,000 homes bought off-plan in new developments in areas such as Nine Elms are scheduled for completion by the end of 2017 and many will be put up for sale immediately because of the growing disillusion with London, it says.

It follows the announcement of a three per cent stamp duty surcharge on buy-to-let or second homes from April, adding £15,000 to the cost of buying an average property in the capital.

The measure — announced by George Osborne in last month’s Autumn Statement — is seen as “the straw that broke the camel’s back” after several tax rises targeting wealthy property buyers.

Since April international investors have also paid capital gains tax, from which they were previously exempt.

Many investors have also been hit by the strength of sterling compared with their own currencies. Those most affected include buyers from Malaysia, where the ringgit has fallen 15.8 per cent this year, and the eurozone following an 11.9 per cent slump in the euro.

Faisal Durrani, head of research at agent Cluttons, said: “We can expect a flood of supply with non-domiciled investors returning off-plan residential stock to the London market, especially throughout 2016. Based on research obtained from Molier, we estimate approximately 60,000 homes are due for completion in 2016 and 2017.

“Of these, we believe between 50 to 60 per cent have been sold off-plan to international buyers. Therefore, it is likely that up to 30,000 properties could be returning to the market in the coming two years.”

Mark Hayward, of the National Association of Estate Agents, said: “The significant additional stamp duty on potential investment properties bought off-plan will mean purchasers will be unable to escape punitive charges as these homes will miss the April deadline.”

The glut of homes on the market is likely to push down prices of new-build apartments, although most will still be out of reach for most first-time buyers. Developers also fear that the drying up of foreign investment could undermine the viability of future schemes.

Domestic investors are also showing signs of falling out of love with property following the stamp duty rise and phasing out of higher rate tax relief on buy -to-let mortgage interest payments.

Some of the buyers who flocked to the launch of luxury developments a few weeks ago are already demanding their money back.

Adam Lawrence, chief executive of property firm London Square, said between 10 per cent and 15 per cent of buyers wanted their reservation fees to be returned. He said: “If you are buying a two or three-bed flat in Streatham, you are likely to be a normal person who just wants to buy property as an investment — not a gazillionaire. Most people are going to think twice now.

London Square’s developments include the former Star & Garter Home at Richmond Hill, where apartments start at £1.3 million.