PHOTO: Brexit protestors: The divorce from the EU is one of several factors forcing a sluggish performance in the London property market.
London’s £1.77 trillion ($A3.3 trillion) property market has traditionally been seen as a safe bet for investors looking for stable, long-term growth, but experts say uncertainty around the UK’s impending Brexit from the European Union mean prices have languished.
Property transactions in upmarket central London fell 14 per cent in 2018 alone, one real estate data firm found, to the lowest volume in a decade.
“The market has stagnated,” Neal Hudson, housing analyst and director of Residential Analysts, said. “Transactions are down about 20 per cent over four years, and even more so in central London. Brexit will be having some impact, but the market had become so overdone in 2013-14, I wouldn’t expect the market to bounce back soon.”
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