Billionaires are shunning the London luxury property market, with sales of “super prime” £10m-plus homes in the capital collapsing by 86% over the past year.
London now has the second most over-valued property market in the world, beaten only by Vancouver in Canada, according to a new “Bubble index” compiled by Swiss bank UBS.
First-time buyers hoping to snap up a bargain after the Brexit vote could be in for a shock with figures showing new sellers in England and Wales asking 3.3% more for typical starter homes than a month ago.
London’s traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics.
House prices will fall next year as the economy weakens following the vote to leave the EU, Britain’s biggest estate agent has predicted.
The Brexit vote helped knock more than £30,000 off the price of an average property in London during July and has sent prices lower nationally, according to estate agent Haart.
A sharp fall in housebuilding ahead of the EU referendum dragged down the construction sector in May as firms mothballed projects and delayed new work.
The Brexit vote has battered consumer sentiment in the UK, a survey has found, highlighting worries about the economic outlook and fears over inflation.
The forthcoming EU referendum is weighing heavily on the London luxury property market, prompting buyers and sellers to postpone decisions until after the 23 June vote, according to the estate agent Knight Frank.
A million more young people could have to live with their parents over the next decade to save enough for a deposit to buy their own home.
Charlotte Hogg, a week ago, could not have been clearer. “I am in compliance with all of our codes of conduct. I know that. I helped to write them,” declared the Bank of England’s new deputy governor to the Treasury select committee.
The global super-rich will continue to flock to London despite the UK’s decision to leave the EU, according to a report by property consultants Knight Frank.
Asking prices in Britain’s housing market rose at the slowest annual rate in almost four years in February as buyers become wary about paying too much, according to the latest survey from Rightmove.