Homeowners and property investors in Greater London are facing steep falls in house prices as the slowdown in prime areas of the capital looks set to ripple out to other parts of the city, according to Portico.
The London estate agent points to the fact that the volume of transactions in the capital has almost halved over the past 12 months, owed in part to the recent introduction of the 3% stamp duty surcharge for property investors acquiring additional homes.
Top-end sales have stalled across prime central London, with transaction volume levels down 60% year-on-year, and yet the signs are that the market could cool further amid clouds of uncertainty ahead of the Brexit negotiations, while mortgage tax relief for buy-to-let investors is set to be phased out from April 2017.
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