Brexit uncertainty, new mayor create conflicting signs in London housing market - luxury Blogs

Brexit uncertainty, new mayor create conflicting signs in London housing market



The United Kingdom?s impending European Union referendum is causing London?s housing market to falter, according to a Knight Frank report.
The city?s annual growth rate slowed to a mere tenth of a percent in May, its lowest rate since October 2009. Despite the anxieties of a potential withdrawal from the European Union, signs of pent-up demand and a new mayor cast a more hopeful outlook on the market.
?The market has become price-sensitive due to higher levels of stamp duty, but an indication of the Brexit effect is that demand in May has remained subdued even for properties where asking prices have fallen by 10 percent or more,? said Tom Bill, head of London residential research at Knight Frank. ?Demand was already more restrained as a result of the impact of two stamp duty increases in the space of 18 months.? Brexit

On June 23, the British electorate will vote on the United Kingdom European Union membership referendum, commonly known as ?Brexit,? which could see the country withdrawal from the union. The economic uncertainty that could accompany the withdrawal is leading many to wait on purchases.
Kensington, London home
Brexit has hampered demand despite a decrease in asking prices of more than 10 percent. Additionally, the number of active buyers has halved over the last year, a trend tied into larger economic volatility and slowing market but attributable in part to the EU Referendum.
Polls are close but generally suggest the country will not leave the European Union...
Source: thetoptier
URL: http://thetoptier.net

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