Prime market hit by Brexit uncertainty

London’s prime property market is continuing to struggle amid political uncertainty and higher stamp duties, despite increased demand from overseas on the back of the weak pound. More than half of homes in central London's most exclusive boroughs were withdrawn from the market in Q2 of 2019, according to Lonres. The figure has risen steadily since 2014, when it ranged between 30 and 40%. Marcus Dixon, head of research at Lonres, said that changes to stamp duty in 2014 and 2016 and the uncertainty surrounding the EU referendum in 2016 had hit the market. "Indeed, since 2016 more properties have been removed from the market due to a withdrawal than a sale," he said.

The Times (16/09/2019)

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