Plummeting Residential property prices in Prime London

residentialResidential property prices in prime central London are presently falling since seven years due to greater uncertainty in the market following the EU result. According to Knight Frank report, house prices in prime London have been dropping since last quarter the last year, but the EU results appears to be hastening it a downward trend initially caused by increases in property taxes. Due to the uncertainty created by the EU results and property tax rises which pushed up buyers’ costs and brought sales ahead to the start of 2016.

Tom Bill, Knight Frank’s head of London residential research, says: “After the EU results, buyers are requesting for discounts due to economic uncertainty, where values fell over 7% last month. The result of EU referendum has provided a condition of short term uncertainty that is affecting activities in the prime central London property market.”

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