Economics
Want to Buy a London Home? Brexit Isn't the Only Thing to Watch
- Sales dwindle for luxury London homes, big discounts on offer
- Overseas buyers are selling out, lower immigration hits demand
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Brokers have been quick to blame the uncertainty around Brexit for the downturn in London property values, but beneath the surface there’s a number of factors suggesting declines may be inevitable no matter what the outcome.
Home price growth in the city has turned negative, according to a Bloomberg analysis of Land Registry data, months after analysts expected them to begin falling. It’s also becoming increasingly apparent that the housing market may be in worse shape than it looks. According to one metric, sales are at a record low.