Residential property prices in London’s prime locations will fall by 9% this year and not rise again until 2019 as increased property taxes and a lack of clarity around the details of Britain’s exit from the European Union have an adverse impact on the market, according to Savills.
Home prices at the upper end of the market in prime locations in central London have been falling for the past two years, and the estate agency expects this trend to continue over the next few years as purchasers use Brexit uncertainty to negotiate lower property prices.
“Vendors are increasingly accepting the nature of the market but that needs to feed through further into asking prices,” said Lucian Cook, director of residential research at Savills.
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