London Prime-Home Values Fall on `Brexit’ Fears, Stamp Duty Hike

Home values in London’s best districts fell for the third consecutive quarter as financial-market turmoil and the risk that the U.K. may vote to leave the European Union damped demand, according to broker Savills Plc.

Properties in neighborhoods defined as prime central London declined 0.8 percent in the first three months of the year, Savills said in a statement on Wednesday. Values probably won’t rise this year, according to Lucian Cook, the broker’s head of residential research.

Home sales, which have slowed since the government increased stamp-duty sales tax for the most expensive properties in 2014, will continue to suffer as potential buyers await the outcome of a referendum in June to determine whether Britain will withdraw from the European Union. Such a move that could cause companies to cut investment and relocate workers from London.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.