London prime market demand continuing to fall

london-propertyLondon’s prime market is seeing demand continue to fall, although the other of UK property market is yet to see the impact from Brexit. In the £1 million plus sector in London, demand has fallen by 10%, the lowest level on record and a further drop since demand cooled following April’s changes to stamp duty for buy to let and second homes purchases. According to eMoov, the change in supply and demand for property above £1 million shows that some 75% of London’s prime locations have seen demand remain still or drop since the second quarter of the year.

According to Russell Quirk, CEO of eMoov, says: “This slowdown was always likely to happen as these areas of London rely on foreign investment and second home visitors to endure. Whilst the rest of the UK market seems to be moving along with little impact as of yet, the EU results seems to have had an instantaneous knock-on effect on the prime central London market.”

Leave a reply

Your email address will not be published.

Back to home page