9 Oct 2017
Huge uncertainty in the London property market has been revealed by Reuters.
The news agency reports that out of 22 ‘property experts’, all said prices in London were over-valued, but their forecasts for the next three years ranged from a 17.5% drop to a 9% rise.
Reuters reported: “Five estate agents said sales had effectively ground to a halt in the second quarter due to the uncertainty about Britain’s planned withdrawal from the European Union, combined with higher property taxes and a slowing economy.
“There’s a lack of confidence in the housing market. ‘We are just not seeing sales,’ said an estate agent in central London, who did not want to be named due to the sensitivity of the situation for his firm’s business.”
Agents also told Reuters that overseas investors – who bought almost one in every five new-build homes in London last year – are now far more cautious, adding to the “weak market”.
One agent, in Wimbledon, also said that non-British EU people are putting off buying a property after their employers shortened their contracts, due to uncertainty over their status in Britain after it leaves the EU in 2019.
LonRes, the data firm, has said that over half the properties taken off the market so far this year were withdrawn, not sold.
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