Brexit uncertainty impacting London’s prime housing market according to LonRes
November 7, 2018
Latest Q3 2018 analysis of the prime London sales and lettings markets from LonRes Property Data Network (Residential Review Autumn 2018).
Analysis of LonRes Prime London sales data shows: Uncertainty surrounding Brexit has biggest impact on London’s prime housing market.
Commenting on the prime London housing markets Marcus Dixon, Head of Research, LonRes said:
“Whatever your views on Brexit, what is clear is that the uncertainty surrounding our attempts to leave the EU is making buyers in prime London reconsider their options. Many are choosing to wait it out and this is impacting sales activity. In the most recent LonRes Agent Survey, 58% of respondents saw Brexit uncertainty as having the most impact on demand over the next 12 months. This compares with 29% citing stamp duty. Prices have been impacted too, however lack of forced sellers means that many are choosing not to transact and are withdrawing their properties from the market instead.”
“For lettings, fewer new instructions and an increase in renewals is limiting the availability of stock. This has meant greater competition amongst tenants, with annual increases in achieved rents rising for the fourth consecutive quarter in Q3 2018.”
Read the LonRes Residential Review Autumn 2018 in full click here.
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