Monday 23 April 2018

London homes ‘see price drop due to Brexit uncertainty’

Buyers are said to be waiting because they think prices will continue to fall.

Property prices are being slashed on some homes, according to research for The Times (Andrew Matthews/PA)
Property prices are being slashed on some homes, according to research for The Times (Andrew Matthews/PA)

By Aine Fox, Press Association

Prices are reportedly being reduced on million-pound London homes as buyers wait amid uncertainty around Brexit.

Almost half of properties for sale in the capital between £1 million and £2 million have had their asking prices slashed, The Times newspaper reported.

The paper said that five years ago just a quarter of homes in that price bracket had seen reductions.

Henry Pryor, a property analyst and buying agent, said buyers were waiting because they suspected prices would continue to drop.

He told the newspaper: “With an uncertain Brexit around the corner, buyers feel they can sit tight or rent and still be no worse off because prices will be even lower next year.”

He added that stamp duty is also putting buyers off.

Research by property data analyst Lonres showed 47.6% of homes between £1 million and £2 million in London had been reduced in price, The Times said.

Press Association

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