Bank-bashing London 'at risk of losing out" to New York The interesting thing about New York is they're building some very big developments, all financed... sort of trophy asset buildings. They're doing that today and they're doing that in this market, when in London there is not the finance there to build these developments," he said. The American economy has bounced back much quicker. They back entrepreneurs, there is more finance available, banks have taken their pain and got things off their balance sheet. A whole host of British banks have still got too much rubbish on their balance sheets. While property prices in London remain high, he does not see "huge growth" ahead. I think the market is flat. But I think the pace of sales is much slower because of what the Government is doing. Stamp duty, just scaring foreigners from buying in London," he said. I still think London's a very good strong market. It's not good for it to be booming, so I think it's good to have a flat structure for a few years, it's healthy. But I think we also have to be careful. London also has a branding problem, he suggested. I don't think there's going to be a big bubble that bursts. There's a lot of international demand still for central London property. But the problem is that a developer in the East End of London goes, 'I'm in prime central London. Well, for me, prime central London - without being rude to the East End of London, or the far west of London or the far south of London - is not that. Prime central London means Belgravia, Knightsbridge, Mayfair, Kensington and Chelsea. That's what it's meant traditionally. People seem to have stretched the postcodes. It does [matter]. Say you're selling your scheme overseas, in Hong Kong or the Middle East ... I think buyers in those countries think that prime central London is within a certain area - it's not 10 miles outside London, or five miles outside the centre.