Million pound properties in London hit hardest from Brexit.

Posted by on Sep 12, 2016 in Blog | No Comments
Million pound properties in London hit hardest from Brexit.

High priced homes in London are finding it very difficult to sell after the Brexit referendum, leading to theories that the London property market has peaked.

The market was slowing down prior to Brexit however an analysts has harmed confidence in the London market even further.  Houses more than £1.5 million (mostly from London_ are the highest effected with a slowdown in the amount of buyers compared to sellers. If compared to a year ago there were nearly 4 1/2 times more houses on the market as there were sold.  Properties outside of London on the lower end of the scale had remained nearly unchanged indicating that consumer confidence has not change from the referendum.

Berkeley group warned the government that London house prices would be harmed with the new duty prices and increase in transaction costs. With restrains on new construction it all points towards a possible larger problem.Have you found the Brexit affect your sales? We will buy any house regardless of the Brexit.